Fox Business journalist Eleanor Terrett reported on Thursday that the US Securities and Exchange Commission (SEC) has initiated discussions with Ethereum exchange-traded fund (ETF) issuers concerning their S-1 registration forms. Citing informed sources, Terrett noted that while progress is being made, there remains “work to do” on these forms.
This development, although positive, hints at previous delays in communication between the SEC and ETF issuers.
🚨NEW: Hearing that conversations concerning the S-1’s have now started happening between @SECGov staff and issuers with the conclusion being that there’s “work to do” on those.
Eleanor Terrett (@EleanorTerrett) May 22, 2024
In another update, Terrett mentioned the possibility of the SEC approving the 19b-4 filings today, followed by collaborative efforts with issuers on S-1 forms in the ensuing weeks or months.
Bloomberg ETF analyst James Seyffart commented on Terrett’s update, suggesting that with significant effort, the S-1 applications for spot Ethereum ETFs could be processed within a few weeks. However, he also acknowledged that the SEC might require additional time for the S-1 review process.
“I think that if they work extremely hard it can be done within a couple of weeks but there are plenty of examples of this process taking 3+ months historically,” Seyffart suggested.
Major ETF issuers, including Fidelity, Bitwise, Grayscale, VanEck, Ark 21Shares, Franklin Templeton, and Invesco, have already submitted their amended 19b-4 filings earlier this week. Additionally, Nasdaq refiled BlackRock’s proposed Ethereum ETF yesterday.
As the market eagerly awaits the SEC’s decision on spot Ethereum funds, Bloomberg analyst Eric Balchunas predicted that the announcement might be made around 4:00 PM ET. He noted that previous announcements, such as for spot Bitcoin ETFs, were made slightly earlier on their respective dates.
“My best guess is we hear from the SEC around 4pm tomorrow. For spot btc they dropped it at 3:45pm, some others in past were slightly after 4pm. Anything poss tho,” Balchunas stated.
Ethereum’s price has surged by 25% over the past week, currently trading at nearly $3,800 according to CoinGecko’s data. Experts believe that the approval of a spot Ethereum ETF could further boost its price significantly. However, it remains to be seen if Ethereum can mirror Bitcoin’s price trajectory following the approval of a spot fund.
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by CurrencyRate.Today
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