๐๐ "It's happening!" says Bloomberg ETF analyst James Seyffart, as at least five potential Ethereum ETF issuers, including Fidelity, VanEck, Invesco Galaxy, Ark 21Shares, and Franklin, have submitted their amended 19b-4s to the SEC. But hold your horses! ๐๐ It's not all smooth sailing from here.
The SEC has advised issuers to submit revised 19b-4 forms, which propose changes to rules or introduce new products. In this case, it's spot Ethereum ETPs. However, Seyffart warns that there's still a long road ahead. ๐ง๐
"Approvals don't mean immediate launches," Seyffart clarifies. The SEC still needs to approve all the 19b-4s and the S-1 applications, which could take "weeks or more before ETFs launch." ๐ โณ
The major amendments submitted involved removing anything related to Ethereum staking from the ETF filings, which the SEC has vetoed. Seyffart maintains approval odds at 75% following an upgrade from 25% earlier this week. ๐๐ฒ
Meanwhile, Ethereum prices topped $3,800 on May 21 as ETF excitement heats up. Bitcoin, however, couldn't maintain gains, dipping below $70,000. But hey, as BTC enthusiasts, we're still optimistic! ๐๐ช
Please note that this news is about Ethereum, not Bitcoin. However, the potential approval of Ethereum ETFs could have significant implications for the broader cryptocurrency market, including Bitcoin.