The U.S. Securities and Exchange Commission (SEC) has reportedly instructed prospective issuers to submit amended S-1 forms for Ethereum ETFs, marking a significant step in the approval process. Despite the short notice, progress is being made, with the SEC actively engaging with issuers to finalize these forms.

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

Despite potential delays, analysts remain optimistic. JPMorgan analysts anticipate the spot Ether ETF trading will commence well before November, viewing the ETF approval and broader crypto landscape as increasingly political leading up to the 2024 U.S. presidential election.

GSR Research Analyst Brian Rudick sees the delay as a marginal positive that could attract early inflows and benefit ETH’s price. The approval of Ethereum ETFs is anticipated to significantly impact the DeFi and BRC 20 markets.