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Spot Ether ETF Hopefuls Update Filings, Extending Timeline For SEC Approval Spot Ether ETF Hopefuls Update Filings, Extending Timeline For SEC Approval

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Spot Ether ETF Hopefuls Update Filings, Extending Timeline For SEC Approval – Crypto News

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Five prospective spot Ether ETF issuers have amended their 19b-4 filings with the SEC.

The Securities and Exchange Commission may still be several weeks away from derlivert a verdict on pending spot Ether ETFs applications after receiving a flurry of updated 19b-4 filings from prospective issuers.

On May 21, James Seyffart, an ETF analyst at Bloomberg, flagged that the SEC has received five amended 19b-4 filings so far. Fidelity, VanEck, Franklin Templeton, Invesco and Galaxy, and Ark and 21Shares have all updated said filings, with Fidelity also submitting an amended S-1 filing on Monday.

As such, Seyffart said the SEC is unlikely to deliver a decision on the filings come May 23 as previously expected, predicting the SEC won’t issue a verdict until at least a few weeks time in light of the new filings.

“Still a potentially long way from a launch,” Seyffart tweeted. “Need to actually see SEC approval orders on all the 19b-4s AND THEN we need to see S-1 approvals. Could be weeks or more before ETFs launch.”

On May 20, rumors that the SEC was directing spot Ether ETF hopefuls to revise their applications sent the markets flying, with the price of ETH up more than 17% since the news broke.

The reports followed widespread pessimism regarding the funds’ prospects of approval amid apparent moves from Gary Gensler, the chair of the SEC, to classify Ether as a security.

ETH/USD. Source: CoinGecko.

Staking at stake

Notably, Seyffart said the updated filings removed mention of plans to stake underlying Ether held by the funds.

“Removing the staking language and adding very clear language that the Fund’s ETH cannot be staked by anyone… is the only meaningful and substantial change that I can find,” Seyffart said.

Last March, Gensler suggested that Proof of Stake cryptocurrencies may comprise securities.

Also on May 21, Eleanor Terrett, a Fox Business reporter, tweeted that CoinShares and Valkyrie Funds, a Bitcoin ETF issuer, will not file for a spot Ether fund in response to the apparent clampdown on the possibility of staking underlying ETH.

“Sources familiar tell me the company doesn’t see value for investors without it, especially in a crowded market alongside nine other issuers,” Terrett tweeted.

The price of Ether is down 3% in the past 24 hours after tagging a local high above $3,800, according to CoinGecko.

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