Big Breaking News 🚨Ethereum ETFs now approved 🚀
ETFs were approved in an omnibus order earlier today. Yet it may be a while longer before they go live.
The SEC approved the 19b-4 forms for Ethereum ETFs, which include offerings from BlackRock, Fidelity and Grayscale. For these products to start trading, however, their S-1 registration statements need to go effective.
When the Bitcoin ETFs were approved, the S-1 forms were ready ahead of the 19b-4 approvals. This resulted in the S-1 forms becoming effective very quickly, with trading beginning the following day.
What's different for the Ethereum ETFs is that the SEC hadn't been engaging with issuers until earlier this week. Pundits have speculated it may have been a political decision behind this last-minute change of heart. Now while the issuers were able to turn around the 19b-4 forms quickly — ahead of today's deadline for the VanEck ETF — there hasn't been much communication regarding the S-1 forms.
The S-1 forms still have much more work to do, according to a source close to the process. They said it could take weeks to resolve any issues, but this ultimately depends on how responsive the SEC is. As such, exchanges and issuers haven't even begun talking about putting the products live, they said.
