The U.S. Securities and Exchange Commission (SEC) has initiated discussions regarding S-1 registration statements with potential Ethereum ETF issuers. This development comes as amended 19b-4 forms have been submitted, although progress on S-1 forms has been minimal.
A senior executive at an issuing firm revealed that these discussions are in the early stages. “It feels like the Division of Investment Management was somewhat caught off-guard by this shift. So, it’s just starting,” the source commented. Still, there is cautious optimism that the Ethereum ETF will move forward.
For Ethereum ETFs to be approved, the SEC is supposed to approve the 19b-4 forms, followed by the S-1 registration statements becoming effective. Only then can trading start. Typically, these forms undergo multiple amendments before final approval.
While there has been significant movement on the 19b-4 forms, only Fidelity has recently filed an amended S-1 form. With discussions now beginning on the S-1s, further amendments are expected.
The SEC faces a crucial deadline today to approve or deny VanEck’s Ethereum ETF 19b-4 form. Bloomberg ETF analyst Eric Balchunas anticipates a decision around 4 p.m., noting that past announcements have varied slightly in timing.
However, even with 19b-4 form approvals, the S-1 forms take a long time to complete and approve for use, which can result in a slight delay in trading. Recently, BlackRock and Grayscale submitted their 19b-4 amendments and products related to the spot Ethereum ETFs.
