The U.S. SEC has begun engaging with Ethereum ETF issuers regarding the S-1 form. Amid increasing expectations for the approval of Ethereum ETFs, the U.S. Securities and Exchange Commission (SEC) has started discussions with potential fund issuers concerning S-1 registration statements.
"Essentially, it's just getting started," a senior member of an issuing organization said when asked about discussions related to the S-1 form. "It seems like the Investment Management Division is somewhat caught off guard by the shift in sentiment. So, it's just getting started."
For Ethereum ETFs to be approved, the SEC must approve Form 19b-4 filings – following a similar order to previous Bitcoin ETFs – and then the S-1 registration statements must also be approved. Only then can new trading begin.
Typically, before each approval, the forms are returned to registrants for amendments and resubmission. When the final version is submitted, the SEC may choose to approve or deny. While there has been much movement regarding Form 19b-4, only Fidelity recently submitted amended S-1 forms. With discussions on S-1 ongoing, there may be more amendments to come.
Decision day for Ethereum ETF approaches For Form 19b-4 filings, the SEC's deadline to approve or deny VanEck Ethereum ETF's filing is May 23rd. Given the intention to approve multiple issuers simultaneously – as seen with Bitcoin ETFs – experts are optimistic that if an ETF is approved, it will happen today.
Bloomberg ETF analyst Eric Balchunas predicts the SEC will make a decision around 4:00 PM ET.
"For BTC same-day trading, they made the decision around 3:45, with others just after 4:00."
However, even if Form 19b-4 filings are approved, it may take additional time before S-1 forms are ready and effective. This means the S-1 forms could delay the time before trading begins.
