Bloomberg analyst James Seyffart recently shared on X that the movement towards approving spot Ethereum exchange-traded funds (ETFs) in the US "is happening." Seyffart noted that at least five potential Ethereum ETF issuers have submitted their Amended 19b-4 forms within a span of 25 minutes. These issuers include Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, and Franklin, all filing through CBOE.
The 19b-4 form is a necessary document that must be filed before the SEC can approve an ETF. However, even if the spot Ethereum ETFs are approved in the US, Seyffart emphasizes that this doesn't guarantee an immediate launch. It could take months after approval before these ETFs officially begin trading.
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Seyffart emphasized that while the filings validate previous rumors and speculation, the actual launch of ETFs depends on SEC approval orders for the 19b-4 forms, followed by S-1 approvals. This process could take weeks or longer before ETFs become available for trading.
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Ethereum ETF Approval: Political Maneuvers or Market Shakeup?
Seyffart, in response to a The Block article discussing the sudden shift towards approving a spot Ethereum ETF, echoed sentiments shared by undisclosed sources, suggesting that the situation is unprecedented and likely politically motivated. He concurred with the notion that the lack of internal coordination within the SEC indicates a political decision-making process.
This perspective aligns with earlier suggestions by Eric Balchunas, Seyffart's colleague at Bloomberg ETF, who hinted at "political issues" surrounding the SEC's stance shift in a previous post on X. Seyffart wrapped up his commentary on X by acknowledging his initial skepticism about the approval of a spot Ethereum ETF happening this week, noting that the entire market was proven wrong alongside him.
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According to a report from Crypto Briefing, even prominent fund managers were not anticipating the approval of a spot Ethereum ETF in the US this week. Katherine Dowling, the general counsel for ETF applicant Bitwise, expressed widespread sentiment, stating that "most people are universally expecting a disapproval order." Similarly, Jan van Eck, the CEO of VanEck, also shared a similar sentiment, predicting a probable denial during a CNBC interview.
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