NewsletterBreaking: Grayscale Makes Another Amendment to Ether ETF
Highlights
- Grayscale has once again updated its 19b-4 application for Ethereum ETF
- The spot Ethereum ETF approval hype is high at the moment
- The US SEC notably backtracked and now tilting toward approving the product
Crypto assets management firm Grayscale Investments has filed an updated 19b-4 for its Ethereum ETF application. As revealed on X by Bloomberg Senior ETF Analyst James Seyffart, this is the company’s latest update after initially filing one on May 21.
Grayscale Dotting All Is for Ethereum ETF
The broader digital currency ecosystem is on the edge as the United States Securities and Exchange Commission (SEC) is expected to greenlight spot Ethereum ETF application this week. Several indices point to the fact that history will be made with the approvals, however, Grayscale Investments is not giving any chances that might fuel any unforeseen errors in its application.
The updated filing hinges on Grayscale’s broad compromise as the firm has removed the “Staking” clause from its broader Spot Ethereum ETF proposals. The focus on the 19b-4 is understandable as in the order of approval, this form is the first the SEC will greenlight in preparation for actual launch.
With a more opened communication between the SEC and spot Ethereum ETF applicants, the frequent updates may align with feedback from the markets regulator. Notably, Grayscale is one of the oldest crypto investments service providers whose efforts contributed to the launch of a spot Bitcoin ETFs in January.
After receiving a rejection for the conversion of its Bitcoin Trust to a full-fledged spot ETF, Grayscale sued the SEC. Despite being a rare case of a crypto entity dragging the regulator to court, Grayscale bagged a historic win. This win set the tone that helped 10 other issuers including VanEck and Bitwise end their decade long wait.
Start of a New Era
With the anticipation of spot Ethereum ETF approval, a new era is likely to commence for the digital currency. While the conversations surrounding its status as a security offerings remains uncleared, the presence of spot Ethereum ETF will change the paradigm for the coin.
Besides ending the debate surrounding its backing by the regulator, it will also help command the inflow of institutional capital. This will undoubtedly have a major impact on the price of the digital currency just like Spot Bitcoin ETF drove BTC to its ATH.
Ethereum at the time of writing is changing hands for $3,741.41, up by 0.26% in the past 24 hours.
Read More: Breaking: Binance’s License Suspension in Florida Overturned By Court
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