🎉Big news for Bitcoin enthusiasts! The SEC is making strides in the crypto world, with recent approval of the 19b-4 forms marking a significant milestone. 🚀Despite a last-minute change in direction from the SEC, progress is being made, with the SEC now actively engaging with issuers to finalize S-1 forms.

VanEck and BlackRock have already submitted their amended S-1 forms, with BlackRock detailing a $10 million seed investment for its ETF. 📈However, the S-1 forms are expected to undergo at least two more rounds of draft filings before they are finalized.

Despite potential delays, there's a wave of optimism. JPMorgan analysts are anticipating that spot Ether ETF trading will commence well before November. They perceive the ETF approval and broader crypto landscape as increasingly political leading up to the 2024 U.S. presidential election. 🗳️

The unexpected approval caught many off guard, but the delay allows traders to anticipate and prepare for potential inflows. GSR Research Analyst Brian Rudick added that the delay, while not highly impactful, is a marginal positive that could attract early inflows and benefit ETH’s price. 📊

Stay tuned for more updates on this exciting development! 🎉