Historic moment, Ethereum ETF won its first battle❗️❗️
19b-4 passed, S-1/S-3S pending;
What does 19b-4 mean? It is like a food license. You can only produce further if you meet the safety standards, but being able to produce does not necessarily mean that you can sell it in the market. Then there are S-1 and S-3 approvals, which are similar to the approvals for business licenses and corporate qualifications.
Then only Grayscale needs to apply for S-3, and other institutions can apply for S-1. So is it possible that S1 passes but Grayscale does not pass S3? It is basically impossible. So if 19b-4 is approved, does it mean that ETF will definitely pass?
There may not be approval for S1-S3, but the chance of failure is already very small, similar to the multiple content supplements of Brother Bing, so if the content is insufficient, the SEC will ask for supplements, so if it is rejected, you can modify it again and apply again.
So BlackRock's application is in August. Will the Fed delay until the deadline as usual, approve 19b-4 in August, and then go through the process to approve s1 and s3 one by one? This may happen, but I prefer not to happen.
My idea is that 19b-4 will be approved on the 24th, and the SEC will approve S-1 in August to take care of BlackRock
