The SEC has begun interacting with Ethereum ETF issuers via S-1 forms

The US Securities and Exchange Commission has begun discussions regarding S-1 registration statements with potential Ethereum ETF issuers, according to a source.

"Basically, this is just getting started," said a senior member of one issuer when asked about conversations related to S-1 forms. “It seems as if [the Investment Management Division] was more or less surprised by the change in tone. So, just getting started.”

The source added that they do not expect progress towards an Ethereum ETF to be ruled out, but remain cautious.

For Ethereum ETFs to be approved, the SEC must approve Forms 19b-4 (which was done in a general order for Bitcoin ETFs) and then the S-1 registration statements must become effective. Only then can trading begin.

Before each approval, forms are typically returned for modification and resubmission. When final versions are submitted, the SEC may choose to approve them. While there has been a lot of movement on Forms 19b-4, only Fidelity has recently filed an amended Form S-1. Now that S-1s are being debated, there may be more amendments to come.

SEC Faces Decision Day on Ethereum ETFs

As for Forms 19b-4, the SEC has a deadline today to approve or reject the VanEck Ethereum ETF Form 19b-4. Due to the perceived intention to approve multiple issuers at once, as happened with Bitcoin ETFs, experts are optimistic that if ETFs are approved, this would happen today.

Bloomberg ETF analyst Eric Balchunas said on X that he anticipates the SEC will make a decision around 4 p.m. ET. "For BTC spot, they dropped it at 3:45 p.m. m., some others in the past did it a little after 4 p.m. m. "Anything [is possible]," he said.

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