SEC requested all the spot Ether ETF applicants to update 19B-4 filings before the key deadlines.
The US Securities and Exchange Commission (SEC) is now actively participating in the spot Ether ETFs approval/disapproval process. After several postponements and delays, the SEC finally offered the exchanges final deadlines along with a request for a 19B-4 filings update.
Why is the SEC Requesting a 19B-4 Filing Update?
After announcing the final deadlines for Spot Ether (ETH) ETF approval and denial on May 23, the SEC requested all the exchanges to update their filings. Watcher.Guru took to X to announce SEC’s next move in the spot Ether ETFs process.
JUST IN: SEC asks exchanges to update 19B-4 filings on an accelerated basis for Spot Ethereum ETFs, CoinDesk reports.
— Watcher.Guru (@WatcherGuru) May 20, 2024
A 19B-4 is used by a self-regulated organization to inform the regulator about changes in its rules, it is mandated by the rule 19B-4 of the SEC act of 1934. In addition to this, it is also essential for the exchanges to get their S-1 applications approved before initiating trading.
Tentative Timetable for Spot Ether ETF Approvals
On Monday, the SEC announced May 23 as the final date for the spot Ether ETF decision. The news altered crypto analysts’ odds from 25% to 75%.
“Things are taking a turn for the better on Spot Ether ETF approvals this week. Upping our odds to 75%,” said James Seyffart. In a recent tweet, Seyffart also revealed the list of all entrants along with the final deadline.
Here's a list of all entrants in the spot #Ethereum ETF race. The 'ETHness Stakes'
— James Seyffart (@JSeyff) May 20, 2024
(h/t to @LongTailFinance for the name) pic.twitter.com/ZBQVJ6ppKp
According to Seyffart, the final deadline for VanEck is May 23 whereas 21Shares & ARK need to wait till May 24. In the same way, Hashdex and Grayscale may get a final decision on May 30. However, there are chances that Grayscale may face denial or delay.
ETH ETF Approval Anticipation Visible on ETH Chart
Regular updates and asks from the SEC’s end are making waves on the ETH price chart. ETH is bullish – spiked from $3,113.79 on May 20 to $3,665.04 at the press time.
Ethereum Price I Source: CoinMarketCap
In the past 7 days, ETH surged by 25.61% and held $440,411,935,414 in market cap. The sudden spike showcases the interest of traders in ETH and approval of spot Ether ETF would benefit the investors.
