Key Points
- The US SEC has reportedly started engaging with Ethereum ETF issuers over their S-1 forms.
- Later today, the SEC will reveal its final decision on VanEck's ETH ETF application.
The US SEC has reportedly begun discussions involving S-1 registration statements with prospective Ethereum ETF issuers, according to reliable sources.
New reports reveal that a high-ranking member at an issuer said that the SEC's discussions have kicked off about the S-1 forms. The source continued and said that it feels a little like the Division of Investment Management was "more or less caught off-guard by the change of tune."
The source also added that they are not expecting the progress towards an approval of Ethereum ETFs to get scrapped, but they are still cautious.
In order for the Ethereum ETFs to see approval, the SEC first has to give its green light for the 19b-4 forms and then the S-1 registration statements have to become effective. Only after these moves, the trading could begin.
Ahead of each approval, the forms are sent back for amendments and then refiled. When the final versions are submitted, only then the SEC may choose to approve them.
There have been a lot of optimistic talks regarding the forms. Bloomberg’s James Seyffart posted recently via his X account that there are at least five of the potential Ethereum ETF issuers who have already submitted their amended applications via CBOE.
The firms he mentioned are Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin Templeton.
Also, according to new reports, BlackRock has filed an updated 19b-4 form for its Ethereum ETF. Grayscale and Bitwise also filed amended 9b-4 forms with the US SEC today.
Fidelity is the only firm that filed an amended S-1 form.
Today is the SEC's deadline for VanEck's Ethereum ETF application decision
Regarding the 19b-4 forms, the SEC has a deadline today for approving or denying the VanEck Ethereum ETF's form. Due to the perceived intent to approve multiple issuers at once, just like it happened with the Bitcoin ETFs, optimism is alive, suggesting that if the ETF gets approved, it will happen today.
Bloombger's ETF analyst Eric Balchunas shared a post on his X account earlier today, saying that he anticipates that the SEC will make its decision around 4 pm ET.
He also mentioned that the decision for Bitcoin ETFs came in at 3:45 pm, and others were after 4:00 pm New Jersey Time.
He also shared a print screen of his celebration moment regarding the approval of the Bitcoin ETF back in January 2024.
Balchunas recently said that he doesn't know how fast the track will be, but it will certainly turn out to be a "mad scramble" for the next couple of days, maybe even weeks, depending on the S-1.
