Breaking: Spot Ethereum ETF Coming This Week As SEC “Leaning Towards Approving”

Varinder Singh
May 21, 2024
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Bitwise Files Proposal To Enable Staking on Ethereum ETF

Highlights

  • The U.S. SEC staff told exchanges that it is "leaning toward approving" spot Ethereum ETFs.
  • The SEC asked Nasdaq and the Chicago Board Options Exchange (CBOE) for adjustments to their spot Ether ETF filings.
  • ETH price jumps 22% in the past 24 hours as speculation of approval rises.

Spot Ethereum ETF odds got a much-needed boost after the U.S. Securities and Exchange Commission (SEC) staff told exchanges that it is “leaning toward approving” spot Ethereum ETFs, as per Barron’s. Issuers including BlackRock, VanEck, and others earlier revealed that the SEC and its staff aren’t showing any interest in spot Ether ETFs, but the stance seems to have changed as the final decision looms on May 23.

Advertisement
Advertisement

US SEC Leaning Towards Approving Spot Ether ETFs

The staff of the Securities and Exchange Commission (SEC) on Monday told exchanges that they are thinking about approving spot Ethereum ETF in the United States, according to people familiar with the matter.

The regulator even provided comments on the applications that if resolved within time, it could result in approvals as soon as this week. VanEck and Ark Invest are first in line for the SEC’s decision on May 23 and May 24, respectively.

Meanwhile, spot Ethereum ETF applicant Fidelity has amended its S-1 filing and removed the staking feature, potentially in guidance with the SEC. Bloomberg analysts have notably increased the probability of the SEC approving spot Ether ETF from 25% to 75%.

In addition, Grayscale has also submitted an updated 19b-4 form for its Ethereum Mini Trust, marking a critical step towards launching a spot Ethereum ETF. Bloomberg ETF analyst James Seyffart shared this update on X, highlighting the growing momentum in the cryptocurrency ETF space.

Advertisement
Advertisement

Exchanged Asked to Update Applications Within Timeline

The U.S. SEC has asked Nasdaq and the Chicago Board Options Exchange (CBOE) for adjustments to their spot Ether ETF filings. As the deadline approaches, issuers and exchanges face pressure to update filings by 10:30 AM.

With sentiment surrounding the approval of spot Ether ETFs rise, it has brought a major recovery in the broader crypto market. As per the order of events, Nate Geraci, the president of the ETF Store, highlighted that both the 19b-4 and S-1 need to be approved before any spot Ethereum ETF can go live.

ETH price jumped 22% in the past 24 hours, with the price currently trading at $3,741. The 24-hour low and high are $3,139 and $3,750, respectively. Furthermore, the trading volume has increased by over 300% in the last 24 hours, indicating a rise in interest among traders.

Also Read: 

Advertisement
coingape google news coingape google news
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Varinder has over 10 years of experience and is known as a seasoned leader for his involvement in the fintech sector. With over 5 years dedicated to blockchain, crypto, and Web3 developments, he has experienced two Bitcoin halving events making him key opinion leader in the space. At CoinGape Media, Varinder leads the editorial decisions, spearheading the news team to cover latest updates, markets trends and developments within the crypto industry. The company was recognized as Best Crypto Media Company 2024 for high impact and quality reporting. Being a Master of Technology degree holder, analytics thinker, technology enthusiast, Varinder has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.