As a researcher with a background in finance and experience following the regulatory landscape of cryptocurrencies, I find the recent developments surrounding the potential SEC approval of spot ether exchange-traded funds (ETFs) to be an intriguing turn of events. The fact that exchanges associated with several applicants have revised their 19b-4 filings in response to feedback from the regulators is a positive sign, indicating progress is being made. However, it’s important to note that a final approval on these applications is not yet guaranteed.
The SEC’s consideration of approving a significant ETH ETF application seems to be progressing rapidly.
Five companies, including Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin Templeton, have responded to regulatory feedback by submitting amended 19b-4 filings with Cboe, the exchange they’re partnering with for a potential spot Ether Exchange-Traded Fund (ETF).
Two people with knowledge of the matter informed CoinDesk that several applicants submitted revised forms to the SEC for consideration on Tuesday.
SEC officials requested that exchanges resubmit their filings using a standardized commentary – meaning everyone would use identical phrasing, according to an individual who spoke with CoinDesk.
Multiple sources informed CoinDesk on Monday and Tuesday that SEC officials haven’t explicitly given their approval to the applications yet, but the feedback received signified substantial progress. Although a definitive approval is not guaranteed at this point, the SEC requesting revisions on the 19b-4 forms indicates positive movement. One of these sources anticipates several approvals by the end of the week.
The 19b-4 applications from VanEck and Cboe could receive approval as early as this Thursday. However, the launch of spot ether ETFs is contingent upon the SEC’s approval of the S-1 forms submitted by the issuers. Progress on this front has been slower compared to the 19b-4 filings. A few applicants have initiated revisions to their S-1 forms.
The SEC has reportedly barred issuers from enabling staking of potential ETFs, as previously intended by applicants such as Grayscale and Fidelity. On Tuesday, these asset managers submitted revised S-1 registration statements, omitting the proposed staking feature.
According to CoinGecko’s latest report, Ether’s price hovered near $3,790 at the time of writing. This represents a 3.8% increase in value over the past 24 hours and a significant leap of approximately $600 compared to its price on Monday. The renewed optimism surrounding an ETF approval has fueled this notable price surge.
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2024-05-22 02:12