The SEC is asking for an expedited update of 19b-4 filings for Ethereum spot ETFs. “Three people familiar with the situation” reported this to #Coindesk.
The news comes on the heels of statements from#BloombergETF analysts Eric Balchunas and James Seyffarth that they are raising the likelihood of approval of the Ethereum spot ETF from 25% to 75%.
However, Seyffart made a remark - even this assessment does not mean that spot Ethereum ETFs will start working in the near future. The reason is bureaucratic nuances:
“Quick note: ... this is for the May 23rd 19b-4 deadline (VanEck application deadline). We also need S-1 statements. It could be weeks or months before we see S-1 approval and therefore an operational Ethereum ETF... However, if we are correct... S-1 approval is a matter of "When" not "If"..."#Coindesksources suggest the US SEC may move to approve filings ahead of this Thursday's key deadline.
However, Coindesk also emphasizes that this does not mean that ETFs will be authorized:
“...Prospective issuers also need to have their S-1 filings approved before the products begin trading. The SEC could take an undetermined amount of time to approve the S-1 filings, one person familiar with the matter said, because it is not tied to a deadline."
It is important that all these movements occur against the backdrop of the news that Prometheum will begin offering ETH storage services in early June. And at the same time classifies the asset as a “security”.
Let us remind you that this company is the only “cryptocurrency securities exchange” registered in the United States. In August 2023, Congressional Republicans pressed Gensler to explain how#Prometheumcould gain registration so quickly.
There is an opinion that the company is a “Trojan horse” of the SEC in the crypto market. That it is intended to confirm the Commission’s position that there is no need for new laws to regulate the crypto market. And generally play along with the SEC.
