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Finance & Crypto – Ethereum ETF Approval Advances
The SEC gave preliminary approval for the first batch of rule changes aimed at bringing spot Ethereum ETFs into the mainstream on May 23, 2024. In effect, this initial approval grants permission to exchanges to begin listing the products, though they are not free to begin trading until individual issuer registration statements have been completed and approved.
Major Points related to the Approval Process
- Two-step process: The SEC approval consisted of a two-step process.
- 19b-4 Approval: The SEC gave approval to various 19b-4 filings by the largest asset managers, including BlackRock, Fidelity, VanEck, and Grayscale. It is a form used by exchanges in proposing rule changes. This step was completed on May 23, 2024.
- S-1 Registration Statement Approval: The S-1 registration statement for each issuer shall be declared effective by the SEC. The S-1 forms give investors detailed disclosures. This process is still back-and-forth, with the SEC and the issuers still communicating.
- Anticipated Launch: Though the S-1 approval process does take some time, it is presumed by some analysts and sources that a possible launch date could lie in the summer of 2024. In June 2024, SEC Chair Gary Gensler said the process was going well and would depend on how quickly issuers addressed SEC comments.
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