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Bloomberg analyst James Seifert share X said that moves to approve a spot Ethereum exchange-traded fund (ETF) in the United States are “happening.” At least five potential Ethereum ETF issuers filed Amendment 19b-4 within 25 minutes, Seifert said.
Update: It's happening. we have at least 5 possibilities #Ethereum ETF issuers that have filed an Amended 19b-4 within the past 25 minutes.
Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin all filed via CBOE. pic.twitter.com/pHGt8iRWi8— James Seifert (@JSeyff) May 21, 2024
“Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares and Franklin all filed via CBOE,” he added. Form 19b-4 is one of the required documents that must be submitted before the SEC approves an ETF.
However, even if a Spot Ethereum ETF is approved in the US, Seyfert highlight This does not mean starting immediately. Notably, after an Ethereum ETF is approved, it can take up to several months before it can be officially traded.
“But these filings prove that all the rumors, speculation, and chit-chat were accurate. We really need to see the SEC's clearance orders on all 19b-4s, and then the S- 1 approval, which could take several weeks or more for the ETF to be launched.” Added Bloomberg analysts wrote in a separate post.
It's probably a political decision.
Comment on The Block article Regarding the motivation behind the Ethereum ETF's sudden pivot to spot approval, Seifert said it was a “totally unprecedented situation and means it's completely political” and that “there are internal No adjustments have been made yet, so why is this likely a political decision?
James' colleague, Bloomberg ETF analyst Eric Balchunas, has already was suggested This was a post on Monday X that said rumors about the SEC's change in position suggested a “political problem.”
Seyffart concludes his series of posts about X with this: admit He was wrong that Ethereum ETF spot approval would not happen this week, but so was the market as a whole.
especially, report According to Crypto Briefing, even the notorious fund manager did not expect spot approval of Ethereum ETFs to take place in the US this week. “Most people universally expect a disapproval order,” said Katherine Dowling, general counsel at ETF filing company Bitwise. VanEck CEO Jan van Eck also predicted that he could be rejected in an interview with CNBC.
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