Race Begins for First U.S. Ethereum Exchange-Traded Fund Approval
The Chicago Board Options Exchange filed 19b-4 forms with the SEC, sparking a countdown for U.S. Ethereum ETF approvals.
Fri, 08 Sep 2023, 04:23 am UTC
The U.S. Securities and Exchange Commission (SEC) is set to make a critical decision following recent filings by the Chicago Board Options Exchange (CBOE). The move initiates the countdown for potential approval of Ethereum exchange-traded funds (ETF).
On September 6, the CBOE submitted two applications for the ARK 21Shares Ethereum ETF and the VanEck Ethereum ETF to be included on its BZX Exchange. These 19b-4 filings are key as they signal the SEC to review and make a judgment on rule changes required for the products' listings.
This isn’t the first time the SEC has been approached regarding Ethereum ETFs. ARK Invest and 21Shares submitted an S-1 application to the SEC on September 6. Moreover, VanEck's application for the same purpose was filed in July 2021.
Bloomberg ETF expert James Seyffart has shared insights on the matter via Twitter. Highlighting the significance of the 19b-4 submissions, Seyffart remarked that these filings effectively set the stage for the SEC's ultimate judgment. He predicts that a conclusive decision could be expected around May 23, 2024.
Adding to the evolving landscape, the SEC hinted on August 17 about potentially giving the green light to Ethereum Futures investment products. In the backdrop, financial powerhouses Grayscale Investments and BlackRock are vying for approvals for their Bitcoin ETF offerings.
It's important to note that while an S-1 filing signifies a company's aspiration to enlist a particular investment on an exchange, the 19b-4 form is more consequential. It mandates the SEC to scrutinize the application and make a decision. Yet, the SEC has the leeway to postpone the verdict, as observed with previous Bitcoin ETF applications.
All eyes are now on the SEC as the pursuit for the first U.S. spot Ethereum ETF intensifies.
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