SEC Ethereum ETF discussions underway, S-1 approval expected in hours

Journalist Eleanor Terrett reveals the SEC has initiated discussions with Ethereum ETF issuers about S-1 forms, indicating potential developments in the near future.
Journalist Eleanor Terrett reveals the SEC has initiated discussions with Ethereum ETF issuers about S-1 forms, indicating potential developments in the near future.

The United States Securities and Exchange Commission (SEC) began discussions with potential issuers of spot Ether exchange-traded funds (ETFs) on May 22, leading some to anticipate an imminent approval.

Journalist Eleanor Terrett reported that discussions between SEC staff and spot Ether (ETH) ETF issuers about the S-1 forms concluded with the understanding that there was still “work to do.”

Source: Eleanor Terrett

S-1 forms are registration statements that companies have to file with the SEC, including detailed information about the company and the securities they intend to offer or issue.

On the other hand, 19b-4 forms are regulatory filings issued to the SEC for approval and are used by self-regulatory organizations (SROs) like stock exchanges or trading platforms to propose new rules or change existing ones.

In a subsequent post, Terrett deferred to “the ETF experts.” Assuming that the SEC approves the 19b-4 forms on May 23, Terrett speculated that the SEC might work with Ether ETF issuers “on S-1’s over the next few weeks/months.” 

Eric Balchunas, a senior ETF analyst at Bloomberg, expects the SEC to issue an announcement on May 23 at around the same time it did for the spot Bitcoin ETFs:

“My best guess is we hear from the SEC around 4pm tomorrow. For spot btc they dropped it at 3:45pm, some others in past were slightly after 4pm. Anything poss tho.”

Related: Ethereum ETF decision due in hours as BTC price gets $80K May target

This development follows the approval of the FIT21 crypto bill in the U.S. House of Representatives, which passed on May 22 with 208 Republicans and 71 Democrats in favor to 136 against.

Consensys CEO Joseph Lubin recently weighed in on the discussion in anticipation of the potential looming Ether ETF approvals.

Speaking exclusively to Cointelegraph at DappCon in Berlin, Lubin stated that Ether ETFs in the U.S. were “as good as done.”

According to Lubin, the 19b-4 applications filed by high-profile firms like BlackRock would be approved, but the process behind the S-1s “could drag on for a while.”

The Ethereum co-founder explained that pressure toward adopting a neutral stance is being applied to the SEC as the upcoming U.S. presidential elections approach.

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