The US Securities and Exchange Commission (SEC) will make a decision on Ethereum-based spot exchange-traded funds this week. This was stated by the president of the consulting company The ETF Store, Nate Geraci.
According to the expert, the SEC must approve two forms if funds are launched - 19b-4 and S-1. The first is a request to change the Commission's rules, the second is a direct application for registration of a new product, Geraci emphasized.
He suggested that the SEC could approve 19b-4s from ETF providers but "wrap up" the S-1 forms. Geraci called it "playing the long game." According to him, such a scenario is indicated by the lack of interaction between the Commission and counterparties.
One commenter added that the regulator could technically delay the process by postponing a decision on S-1 filings but accepting 19b-4. Thus, the SEC will agree to revise the rules, but will postpone the decision directly on the launch of spot Ethereum-ETFs.
May 23, 2024 will be the final deadline for 19b-4, not S-1, the user added:
Let us recall that in April 2024, the media stated, citing industry experts, that the SEC plans to reject requests from counterparties.
Later, some analysts noted that this was indicated, among other things, by the regulator’s attempt to classify Ethereum as a security. The latter was dictated, in particular, by the “Wells notice” sent to Consensys.
Despite the high probability of SEC rejection of spot Ethereum ETFs, the underlying asset opened the week in an upward phase. At the time of writing, it is trading above $3100:
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