- The SEC is expediting updates to 19b-4 filings, indicating a potential approval of spot ether ETFs by this Thursday.
- ETF issuers still require SEC approval of their S-1 applications before the products can trade.
- Bloomberg analysts increased approval odds for spot ether ETFs to 75% but noted this pertains to 19b-4 filings.
The U.S. Securities and Exchange Commission (SEC) requested firms to update and refile crucial documents, known as Form 19b-4, to approve spot ether exchange-traded funds (ETFs). These filings are crucial for the SEC to inform them about proposed rule changes and ensure the effective implementation of ETFs.
What is 19b-4 filing?
A 19b-4 form informs the SEC of a rule change allowing the fund to trade on exchanges. ETF issuers must get both that filing and an S-1 registration statement approved by the SEC before the product’s launch.
Deadline for SEC 19b-4 Form Filing
The 19b-4 filings are only a portion of the needed documents. Before releasing products, issuers must also get regulatory approval for S-1 registration statements. A decision on at least one spot-Ether ETF application is expected by May 23.
Ethereum ETF Approval Odds Surge to 75%
Eric Balchunas, who earlier estimated a 25% possibility of approval for SEC rulings, now sees a 75% chance due to mounting political pressure. His comments triggered a jump in the price of ETH, culminating in a $70 billion boost in market capitalization, the highest single-day increase in Ether’s history.
James Seyffart and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they’d be denied).
James Seyffart, another Bloomberg analyst, also predicted increased chances of spot ETH ETF approval, with sources predicting several filings shortly. However, a separate green light for the S-1 filing is still required, even if the SEC approves VanEck’s 19b-4 filing, a crucial step for bringing Ethereum ETFs to market.
James Fickel’s ETH Transaction
James Fickel’s huge Ether buy has lifted market sentiment, showing optimism about Ethereum’s future. This, combined with an optimistic forecast from key financial analysts, has fueled Ether’s recent price increase.
Ether Surges Past $3,700
At the time of publication, ETH’s price was $3,711, representing a 19% gain in the previous 24 hours. This potential regulatory shift has elevated Ether’s price and spurred a wider market rally, with Bitcoin trading above US$70,000 for the first time since April.
