Ethereum ETF Approval Odds Increase as SEC Asks For New Filings
The U.S. Securities and Exchange Commission (SEC) is requiring exchanges to update their spot Ethereum exchange-traded fund (ETF) filings.
According to a recent post shared by Bloomberg Intelligence ETF analyst Eric Balchunas, the SEC is asking the applicants to file new Form 19b-4 on an “accelerated basis” to inform the Commission of a proposed rule change.
The post suggested that this move indicated the SEC’s tendency to approve the Ethereum ETF applications by the Thursday deadline, marking potential issuance of the second spot digital asset ETF in the United States.
Balchunas and another Bloomberg ETF analyst James Seyffart estimated that the odds of Ethereum ETF approval increased significantly from the previous 25% to the current 75%. The prediction was made before the updated Form 19b-4 request.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
The ETF Store president Nate Geraci said in a social media post that the SEC must approve both the 19b-4s and S-1s for exchange rule changes and registration statements so the ETFs can launch.
Though a part of the crypto community has been expecting an approval, Balchunas believed that it was merely “wishcasting.”
“If the spot ETH ETF is approved, it will be a true shock to everyone I know in DC who’s close to this process,” said Variant Fund Chief Legal Officer Jake Chervinsky. “That doesn’t mean it won’t happen.”
“It means approval could signal a major shift in US crypto policy after
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