Share this article
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.
🚨NEW: I hear that talks about S-1s have now started to take place between @SECGov personnel and issuers, with the conclusion that there is “work to be done” in this regard.
—Eleanor Terrett (@EleanorTerrett) May 22, 2024
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.
My best guess is we'll hear from the SEC tomorrow around 4pm For BTC spot they dropped it at 3:45pm, some others in the past did it a little after 4pm Anything possible though https://t.co/MzTOcsmTnJ
– Eric Balchunas (@EricBalchunas) May 22, 2024
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.
Share this article
Leave feedback about this