Cboe BZX filed new drafts of the 19b-4 result for five Ethereum spot ETFs. Thus, this trend indicates improvement regarding the possible approval of such assets. To enhance their qualifications, the new filings include Franklin Ethereum Trust, Fidelity Ethereum Fund, VanEck Ethereum Trust, Invesco Galaxy Ethereum ETF, and 21Shares ARK Ethereum ETF.
SEC Requires Resubmission of 19b-4 Forms
These changes are in response to the SEC’s new requirement that exchanges resubmit their 19b-4 forms this week. The 19b-4 form is essential because it notifies the SEC of likely amendments to the rules governing a particular market.
Read Also: Grayscale Drops Staking Proposal from Spot Ethereum ETF Filing
It is one of the key papers that requires approval of the company before the spot Ether ETFs can be effective. Similarly, any funds that invest in S-1 registration statements must also be approved before they can begin trading. Bloomberg ETF analyst James Seyffart stressed that while this is a big step, these regulator-approved ETFs could still be years away from launch. “Still a way yet potentially from a launch was the posts from Seyffart in X.
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But these filings confirm that all of the rumors and speculations, everything that has been said and chatted about, have been true. To get to this, one needs to open up Commission orders on all the filed/released 19b-4s AND THEN S-1 approvals. It could take weeks or more before ETFs launch,” the executive said.
ETH Price Rises on Ethereum ETF Application Progress
In the respective amended documents, Fidelity reiterated its words that it does not use any of the Ethereum for staking. The filing states, “The Trust’s ETH, the Sponsor’s ETH, the Custodian’s ETH, and the ETH of any other person affiliated with the Trust will not directly or indirectly participate in action where any portion of the Trust’s ETH is utilized for participation in the Ethereum proof-of-stake validation or for the acquisition of additional ETH, inclusion in the generation of income or other earnings.” The firm filed an updated S3 with a similar
As of publication time, Ether traded around $3,797.42, reflecting a 4.16% increase in the past 24 hours. This price movement underscores the market’s anticipation and reaction to the ongoing regulatory developments and potential ETF approvals.
The attempts to modify the applications submitted by Cboe BZX for spot Ethereum ETFs have made significant progress toward potential approval. Despite having a long way to a few major milestones to go with the SEC approvals on the 19b-4 and S-1 forms, the current updates reveal the progressive actions taken. This is well observed by the market, so much so that Ether prices have surged in the recent past as opposed to before the development was made.
Read Also: VanEck Spot Ethereum ETF Listed on DTCC, Awaits SEC Approval
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Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.