Cryptocurrency asset managing firm Grayscale has resubmitted the 19b-4 form on behalf of the Ethereum Mini Trust. Proposed on Tuesday, this follows rising activity on possible Ethereum ETF providers in recent weeks. In addition to Grayscale, Nasdaq also filed its latest 19b-4 form for BlackRock’s ETH ETF product earlier today.
Currently, the US Securities and Exchange Commission (SEC) has taken a U-turn on Ethereum ETFs, much to the surprise of many seasoned analysts. At the onset, Bloomberg ETF specialists thought that the SEC would reject the products due to their low interaction with possible issuers. However, approval odds rose earlier this week due to high expectations of the SEC’s new direction. The SEC was said to have asked exchanges to submit new 19b-4 forms this week, and this gives some credence to these rumors.
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Grayscale and Others Push for Ethereum ETFs
It is not just Grayscale and BlackRock that are making the movements. Other potential issuers, such as Fidelity, VanEck, and Franklin Templeton, have also submitted updated filings. Fox Business reporter Charles Gasparino commented that the likely approval of Ethereum ETFs will be one of the biggest turnarounds in the SEC in the recent past. This has affected the market greatly, with Ethereum rising more than 20% in a single day because of the new stance that the SEC has taken.
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Even though this, leading ETF analyst James Seyffart has noted that Ethereum ETFs may still be far from launching in the U. S. His warning entails that while the SEC’s shift is positive, it does not translate to approval or market accessibility.
On Tuesday, a famous trader, John Bollinger, mentioned that he had changed his approach to Ethereum and noted that the current price could be too high. Bollinger’s remarks focus on the market’s unpredictability in conjunction with the restrained positivity of traders and analysts.
Subsequent alterations that Grayscale has made in the filing of Ethereum Mini Trust, combined with the same fate of other issuers, signifies a more distinct development that may inflict a significant shift or change in the general attitude of the SEC towards the cryptocurrency ETFs.
The latter has led to market positivism and has brought massive price swings towards Ethereum. However, there are a few things that some of the insiders in the industry have remarked on, such as several rigmaroles that may take time to be approved and then introduced to the market.
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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. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.