Bitcoin broke through $68,000 last night and once again stood at $71,000.
Ethereum ETH has increased by 20.74% in the past 24 hours and is now trading at $2,715.
"Spot Ethereum ETF approval chance increased from 25% to 75%? 》
The SEC will approve the 19b-4 filing for the spot Ethereum ETF as soon as Wednesday.
Bloomberg senior analyst Eric Balchunas said that the approval probability of the spot Ethereum ETF has increased to 75%. However, this is a 19b-4 filing for the VanEck deadline of May 23. We also need to wait for the S-1 filing to be approved, a process we expect could take anywhere from a few weeks to a few months. Even so, if theoretical approval materializes later this week, it should mean approval of the S-1 filing is only a matter of time.
19b-4 documents are filed by exchanges and usually relate to changes in the rules for the exchange's operations, such as the introduction of new products or modifications to trading mechanisms. The SEC will review the proposal and solicit public comment before deciding whether to approve it. The S-1 document is a registration statement that a company must submit before issuing shares to the public. It details key information such as the financial status, operating conditions, market environment, preliminary pricing, and risk factors of the issuing company.
The chief legal officer of Variant Fund believes that if the spot Ethereum ETF is approved, it may mark a major shift in U.S. cryptocurrency policy. He noted that everyone close to this process in Washington would be shocked. Approval following the SAB 121 vote could be more significant than the ETF itself and mean a significant change in U.S. cryptocurrency policy.
