SEC Discusses Ethereum ETFs, S-1 Approval Could Be Imminent

The U.S. Securities and Exchange Commission (SEC) initiated conversations with potential issuers of Ether exchange-traded funds (ETFs) on May 22. This has led many to predict a forthcoming approval.

SEC and Ether ETF Issuers Conclude Discussions

Eleanor Terrett, a journalist, highlighted that the discussions between SEC staff and Ether ETF issuers concerning the S-1 forms ended with the consensus that more "work to do" remained. S-1 forms are registration statements that companies must file with the SEC, providing detailed information about the company and the securities they plan to offer or issue.

SEC Expected to Approve 19b-4 Forms

19b-4 forms, on the other hand, are regulatory filings submitted to the SEC for approval. They are used by self-regulatory organizations (SROs) like stock exchanges or trading platforms to propose new rules or modify existing ones. Terrett speculated that if the SEC approves the 19b-4 forms on May 23, they might collaborate with Ether ETF issuers "on S-1’s over the next few weeks/months."

Predictions for SEC Announcement

Eric Balchunas, a Senior ETF Analyst at Bloomberg, anticipates the SEC to make an announcement on May 23, at around the same time they did for the spot Bitcoin ETF. He said, “My best guess is we hear from the SEC around 4pm tomorrow. For spot btc they dropped it at 3:45pm, some others in past were slightly after 4pm. Anything poss tho.”

Approval of FIT21 Crypto Bill

This development comes after the approval of the FIT21 crypto bill in the U.S. House of Representatives, which passed on May 22 with 208 Republicans and 71 Democrats in favor to 136 against.

Lubin's Take on Ether ETFs

Joseph Lubin, Consensys CEO, recently shared his thoughts on the discussion in anticipation of the potential impending Ether ETF approvals. Speaking exclusively to Cointelegraph at DappCon in Berlin, Lubin stated that Ether ETFs in the U.S. were “as good as done.” He believes that the 19b-4 applications filed by high-profile firms like BlackRock would be approved, but the process behind the S-1s “could drag on for a while.”

Pressure on SEC Towards Neutral Stance

The co-founder of Ethereum explained that pressure is being put on the SEC to adopt a neutral stance as we approach the upcoming U.S. presidential elections.

What's Your Take?

This development could potentially change the landscape of cryptocurrency trading and investment. What are your thoughts on the matter? Do you think the SEC will approve the Ether ETFs? Share this article with your friends and let's get the conversation started. Don't forget to sign up for the Daily Briefing, which is delivered every day at 6pm.