The Ethereum ETF has made significant progress, with the SEC yet to approve the transaction

The U.S. Securities and Exchange Commission (SEC) on Thursday approved Form 19b-4 filed by issuers seeking to launch a spot Ethereum exchange-traded fund (ETF), marking a key step toward listing the fund. The launch of the Ethereum Spot ETF in the United States has made significant progress as the SEC has approved key regulatory documents. However, the SEC has not approved them for trading. Issuers must approve their S-1 filings with the SEC before investors can buy these ETFs. A week ago, if anyone thought these ETFs would get SEC approval, I would have thought he was a little crazy. The approval shows a stunning turnaround for market regulators.

Earlier this year, after approving the spot Bitcoin ETF, the SEC did not appear to have much interaction with the issuers of the Ethereum ETF, but those circumstances have changed in recent days. A Grayscale spokesperson confirmed in a statement that regulators have approved its Form 19b-4. At Grayscale, we appreciate being able to engage constructively with regulators who are reviewing spot Ethereum ETFs. We are optimistic about further ETF structures that bring Ethereum into the U.S. regulatory sphere. Potential spot Ethereum ETF issuers include Blackstone, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy. While the approval of Form 19b-4 indicates that regulators are willing to allow issuers to bring spot Ethereum ETFs to market, it does not guarantee that they will ultimately approve the final S-1 forms filed by all issuers.

        It is likely that there will be some time before we see S-1 approval and these ETFs begin trading. My guess is that it will take at least a week, but more likely longer. If history is any guide, it could take months. But I personally think this period will be measured in weeks. Now everyone is just guessing. Regulators set off a wave of industry shock on Monday when it was reported that issuers had been asked to update the 19b-4 filing before the SEC's deadline to approve or reject the application of one of the issuers, VanEck. An SEC spokesman said the agency would not comment beyond the order issued Thursday. Andrew Jacobson, chief legal officer of 21Shares, said in a statement that the approval is an important step in the right direction. Rob Marrocco, head of global ETP listings at Cboe, the exchange that plans to list five different physical Ethereum ETF products, said the exchange is excited to expand our offering to these ETFs. The approval of 19b-4 is a step toward these listings. The launch of the spot Bitcoin ETF in January has already demonstrated significant benefits for the digital asset and ETF space, and we believe the spot Ethereum ETF will similarly provide U.S. investors with access to Ethereum exposure in a transparent, well-regulated, and easily accessible structure. The exchange will continue to work with the SEC to bring the ETF to market. Matthew Sigal, VanEck's head of digital asset research, said the firm expects to be the first issuer to launch its spot Ethereum ETF.