Golden Finance reported that the U.S. SEC approved the 19b-4 forms for multiple Ethereum spot ETFs this week, including those from BlackRock, Fidelity, and Grayscale. Although the form has been approved, ETF issuers need to make the S-1 registration statement effective before they can start trading. Legal experts have different views on whether the U.S. SEC's approval of the Ethereum ETF means that everything has changed. Paul Grewal, chief legal officer of Coinbase, said in an interview that because the issuer used the S-1 form, a certain proportion of the assets in the fund can be securities: "By specifying S-1 as a registration option, the SEC means that, by definition, these funds do not include assets in which securities account for more than 40% of the portfolio." He added: "There is no other conclusion that can prove this except that ETH is not a security."