June 4, 2024
SEC Spot Ethereum ETF Approval Expected Soon
Latest Cryptocurrency News

SEC Spot Ethereum ETF Approval Expected Soon

On May 22, the U.S. Securities and Exchange Commission (SEC) initiated discussions with potential issuers of Spot Ethereum ETF, sparking anticipation of an imminent approval. Eleanor Terrett, a journalist, noted that while conversations between SEC staff and Ether ETF issuers regarding the S-1 forms had concluded, there was an understanding that more work was necessary. S-1 forms are critical registration statements filed with the SEC, providing detailed information about the company and the securities intended for offering or issuance.

Source: Eleanor Terrett

Regulatory Filings and Approval Speculations

In addition to S-1 forms, 19b-4 forms are pivotal regulatory filings submitted to the SEC for approval. These forms are utilized by self-regulatory organizations (SROs), such as stock exchanges or trading platforms, to propose new rules or amend existing ones. Terrett speculated that assuming the SEC approves the 19b-4 forms on May 23, the Commission might continue working with Spot Ethereum ETF issuers on the S-1 forms over the following weeks or months. Eric Balchunas, a Senior ETF Analyst at Bloomberg, also predicted that the SEC would announce on May 23, coinciding with the timeline for the spot Bitcoin ETF.

“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.”

Legislative Backdrop and Industry Insights

This development occurs in the context of the recent approval of the FIT21 crypto bill in the U.S. House of Representatives on May 22, which passed with 208 Republicans and 71 Democrats in favor, against 136 opposing votes. Consensys CEO Joseph Lubin added his perspective on the anticipated Spot Ethereum ETF approvals. Speaking exclusively at DappCon in Berlin, Lubin asserted that Ether ETFs in the U.S. were “as good as done.” He indicated that while high-profile firms like BlackRock were likely to see their 19b-4 applications approved, the S-1 process “could drag on for a while.” Lubin also highlighted that the approaching U.S. presidential elections are exerting pressure on the SEC to adopt a neutral stance.

This sequence of events underscores a critical moment in the evolving regulatory landscape for cryptocurrencies in the United States, reflecting both legislative advancements and industry optimism.

Image by Bastian Riccardi from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

Rapper Eminem Joins Crypto.com’s Celebrity Endorsement Trend

Anna Garcia

UK Parliament Member Pushes for Blockchain Leadership Amid Global Progress

Robert Paul

Alameda Research’s 2021 USDT Redemption Spree Sparks Controversy

Anna Garcia

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.