let me explain you $ETH ETF basic understandings

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1. 19b-4s (Exchange Rule Changes): This refers to the filing that a national securities exchange, like the NYSE or Nasdaq, submits to the SEC when they want to change rules or introduce new products. In the case of Ethereum ETFs, the exchanges need SEC approval on these filings to list the ETFs. This is essentially the exchange asking for permission to add these new Ethereum products to their trading platforms.

2. S-1s (Registration Statements): This is the initial registration form required for new securities offered to the public that provides the SEC and potential investors with detailed information about the company's business operations, financial condition, and management. For ETFs, this document will detail the structure of the fund, its management, and how it intends to replicate the performance of Ethereum.

3. SEC's Decision Process: The SEC must approve both the 19b-4s and the S-1s for the ETFs to be legally sold to the public. The SEC has a statutory timeframe (usually 45 days, which can be extended up to 240 days) to make an initial decision on the 19b-4 filings. If they approve the rule changes (19b-4s), it technically allows the ETFs to be listed on exchanges, but without the approval of the S-1s, the ETFs cannot be legally sold to investors.

4. Potential for Delay: Even if the 19b-4s are approved, the SEC could "slow play" the approval of the S-1s. This means they could take longer to review and approve these documents. The reported lack of engagement could indicate that the SEC might be taking a more cautious approach, possibly due to the complexities and risks associated with cryptocurrency products. This delay tactic can be used to further evaluate the market conditions or the specific structures of these ETFs without outright denying the applications.