June 17, 2024
1 Solar System Way, Planet Earth, USA

SEC Interacts with Ethereum ETF Issuers on S-1 Forms

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Fox Business journalist Eleanor Terrett said on Thursday that the US Securities and Exchange Commission (SEC) has begun discussions with Ethereum exchange-traded fund (ETF) issuers regarding their S registration forms. -1. She cited sources who said there is still “work to be done” on those forms.

This could be seen as a positive development, but suggests that there may have been a previous delay in communication.

In a separate post, Terrett indicated that the SEC could approve 19b-4 filings today, followed by working with issuers on S-1 forms in the coming weeks or months.

Commenting on Terrett's post, Bloomberg ETF analyst James Seyffart said that with significant effort, S-1 filings for Ethereum spot ETFs could be resolved within a few weeks. However, he noted that the SEC may need additional time to complete the S-1 review process.

“I think if they work very hard it can be done in a couple of weeks, but there are many examples of this process historically taking more than 3 months,” Seyffart suggested.

Most ETF issuers, including major players such as Fidelity, Bitwise, Grayscale, VanEck, Ark 21Shares, Franklin Templeton and Invesco, filed their amended 19b-4 filings earlier this week. Nasdaq too re-introduced BlackRock's proposed Ethereum ETF yesterday.

The clock is ticking as the market prepares for the SEC verdict on Ethereum spot funds.

Bloomberg analyst Eric Balchunas suggests a deadline of around 4:00 pm ET for the SEC's announcement on the fate of these ETFs. The decision on spot Bitcoin ETFs previously came a little ahead of the designated date.

Meanwhile, the price of Ethereum has risen 25% over the past seven days, trading at nearly $3,800 at the time of publication, according to data from CoinGecko.

Experts Expect Possible Ethereum ETF Spot Approval Could trigger a sharp price increase. However, it remains uncertain whether Ethereum can replicate Bitcoin's price action after the spot fund approval.

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