CoinVoice recently learned that according to CoinDesk, three people familiar with the matter said that the U.S. Securities and Exchange Commission asked exchanges to speed up the update of 19b-4 applications, indicating that it may approve these applications before the key deadline (May 23/24). But this does not mean that the ETF will be approved. Potential issuers also need their S-1 applications to be approved before the product can begin trading. The SEC may take indefinitely to approve the S-1 document because there is no deadline for approval of the document.
One company in talks with the SEC said it felt it was finally on the right track to approval after the agency dragged its feet a few weeks ago, according to a person familiar with the matter.
Additionally, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the odds of a spot ether ETF being approved from 25% to 75% after hearing rumors that the SEC might take a more favorable stance on the application. They later corrected themselves, saying the odds were tied to 19b-4 approval.
Perhaps influenced by this latest information, the price of ETH quickly broke through US$3,500, rising to a high of US$3,592, with a 24-hour increase of more than 17%.
The SEC is expected to make a decision on the VanEck Spot Ether ETF on May 23.
CoinVoice Note: Currently, there are seven entities applying for Ethereum ETFs, namely: BlackRock, Fidelity, Invesco & Galaxy, Grayscale, VanEck, 21Shares & Ark and Hashdex. The approval period of each entity at the SEC is shown in the following table: [Original link]
