Exchanges must revise their spot Ethereum ETF registrations in order to comply with the U.S. Securities and Exchange Commission (SEC).
The SEC has reportedly asked the applicants to notify the Commission of a proposed rule change by filing new Form 19b-4 on an “accelerated basis,” as reported in a recent article by Bloomberg Intelligence ETF analyst Eric Balchunas.
According to the report, this action implies that the SEC is likely to accept the Ethereum ETF applications by Thursday, which may lead to the creation of the second digital asset ETF in the US.
According to Balchunas and another Bloomberg ETF expert James Seyffart, the chances of Ethereum ETF approval have risen dramatically from 25% to 75%.
In order for the exchange-traded funds (ETFs) to be able to start, its president, Nate Geraci, said on social media that the SEC has to approve the 19b-4s and S-1s for revisions to exchange rules and registration statements.
Balchunas thought that some in the crypto world were just “wishcasting” while they were anticipating approval.
“The approval of the spot ETH ETF would come as a complete surprise to everyone I know in Washington who is involved in this process,” according to Variant Fund’s Chief Legal Officer Jake Chervinsky.
Chervinsky said that the approval would be even more significant than the ETF itself, signaling a “dramatic change in US crypto policy” after the SAB 121 decision.
“This is the proper perspective,” Seyffart said, confirming Chervinsky’s statement. “Almost everyone I talked to at @PerianneDC’s Blockchain Summit last week in Washington, DC, predicted that it would be unsuccessful.”
Approval of the ETFs might make the Biden administration seem more crypto-friendly. The “First Crypto President,” referring to the re-electing Donald Trump, was recently proclaimed by Chris Giancarlo, a former commissioner of the Commodity Futures Trading Commission.
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