While talks between the possible Ethereum ETF issuers and the US regulatory body continue, the US Securities and Exchange Commission (SEC) has begun the clearance process of the highly awaited Ethereum exchange-traded funds (ETFs).
The conversations that started yesterday have caused cryptocurrency aficionados to believe that an approval would happen soon.
Journalist Eleanor Terrett reported on CoinTelegraph that the SEC staff and Ether ETF issuers came to an agreement about the S-1 forms, but that further work remained.
Companies are required to submit S-1 forms, or registration statements, with the SEC. These forms contain comprehensive information on the firm and the securities the company plans to market.
Read Also: In Q1 2024, Venture Capital Funding Amounted to $2.4 Billion for the Crypto Industry –Report
Whereas 19b-4 forms are regulatory filings issued to the SEC for approval, used by self-regulatory organizations like stock exchanges or trading platforms like crypto exchanges to propose new rules or change existing ones.
Terret gave her own explanation of the ongoing events while also quoting ETF experts’ opinions on the matter.
Assuming that the SEC approves the 19b-4 forms on May 23, Terrett speculated that the SEC might work with Ether ETF issuers “on S-1’s over the next few weeks/months.”
Other Analysts and crypto experts gave their own assessment of the situation speculating when the US SEC is likely to give a verdict on the Ethereum ETF approval.
Read Also: Crypto: JP Morgan, Wells Fargo unveil first Bitcoin investment
Eric Balchunas, a Senior ETF Analyst at Bloomberg, expects the SEC to issue an announcement on May 23, that is today. It mirrors the same time the SEC approved 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. Eric said.
This ongoing development follows the approval of a crypto bill in the US House of Representatives which passed on May 22 with 208 Republicans and 71 Democrats in favor to 136 against.
Read Also: Crypto: Binance’s bribery allegation may hinder foreign investments into Nigeria – SBM Intelligence
Consensys CEO Joseph Lubin recently weighed in on the discussion giving his own assessment in anticipation of the potential looming Ether ETF approvals.
He explained to CoinTelegraph that the Ethereum ETFs in the United States were as good as done in his own perspective.
According to Lubin, the 19b-4 applications filed by high-profile firms like BlackRock would be approved, but the process behind the S-1 files could delay the approval process dragging on for a while.
He also explained that the US SEC under Gary Gensler is under a lot of pressure to maintain a neutral stance on the cryptocurrency industry as the US presidential elections draw close.
