U.S. SEC sets Friday deadline for spot Ethereum ETFs S-1 filings
2024-05-30 14:02:12 ET
The United States Securities and Exchange Commission (SEC) has directed prospective issuers of spot Ethereum ETFs to submit their amended S-1 forms by Friday, signaling a significant step in getting these financial products approved for trading.
According to sources familiar with the matter, the SEC’s request marks an important milestone as the market eagerly anticipates the launch of these ETFs.
Ether ETFs issuers have a day to file S-1 forms
The road to approval for spot Ethereum ETFs trading has been closely watched, especially following the SEC’s
approval of the 19b-4 forms
on May 23.
The 19b-4 forms approval was a pivotal moment, allowing ETFs issuers to advance to the S-1 filing stage.
However, the SEC’s deadline comes as a last-minute change in direction, leaving issuers scrambling to prepare their S-1 forms promptly.
VanEck, one of the prominent players in the ETF space, wasted no time in responding to the SEC’s approval, submitting its amended S-1 form on the same day the 19b-4 forms were approved.
Following suit, BlackRock, another major issuer, submitted its
amended S-1
on May 30, outlining a $10 million seeding for its ETF.
This quick action underscores the urgency and commitment among issuers to meet the regulatory requirements and bring their products to market.
The road to approving the Ethereum ETFs for trading
The S-1 forms, once effective, will pave the way for these ETFs to begin trading. This process, however, is not instantaneous.
After the initial draft submissions, the SEC will review the forms and provide feedback, leading to further amendments.
Analysts predict that the forms will undergo at least two additional rounds of revisions before they are deemed ready, a process that could extend over several weeks or even months.
While the details of seed investments are relatively straightforward for issuers to include in their filings, according to one source, other aspects of the S-1 forms may require more detailed attention and are expected to take longer to finalize.
This complexity contributes to the anticipated timeline for the forms to be fully approved.
Nevertheless, while the process may seem protracted, some traders view the potential delays as beneficial, allowing more time for thorough preparation and adjustments.
As the SEC reviews the draft S-1 forms, the financial industry remains focused on the progress of these filings.
The successful approval and launch of spot Ethereum ETFs would mark a significant development in the cryptocurrency market, offering new investment opportunities and potentially driving further mainstream adoption of digital assets.
In the coming weeks, all eyes will be on the SEC and the issuers as they navigate the final steps towards making spot Ethereum ETFs a reality.
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U.S. SEC sets Friday deadline for spot Ethereum ETFs S-1 filings
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