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SEC Requests Draft S-1 Forms for Spot Ethereum ETFs!

Ether Etfs

The SEC has requested potential spot Ethereum ETF issuers to submit their latest draft S-1 forms by Friday, May 31, 2024. This comes after the SEC approved the 19b-4 forms on May 23, leaving the S-1 forms as the final hurdle for spot Ethereum ETFs to start trading.

SEC Expedites Ethereum ETF Process

The approval process for spot Ethereum ETH ETFs is moving swiftly. After the SEC approved the 19b-4 forms on May 23, the only remaining obstacle was the effectiveness of the S-1 forms. These forms were not prepared in advance due to a last-minute change of direction by the SEC. However, progress is now being made.

Sources following the situation stated that the SEC has asked issuers to submit draft S-1 filings by Friday. The SEC will then provide the first round of comments, prompting further revisions.

VanEck, wasting no time, submitted its updated S-1 form the day the ETFs were approved. BlackRock followed suit on May 30, announcing that its ETF would have an initial investment of $10 million. They noted that the details of seed investments were straightforward and that addressing other aspects of the S-1 forms could take longer.

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Approval Process and Expectations

Analysts expect the S-1 forms to go through at least two more rounds of draft filing before they are finalized. If this process is slow, it could take several weeks or even months for the S-1 forms to be finalized. Some traders believe this delay could be positive for the market.

By following these steps in the Ethereum ETF process, the SEC is focusing market attention on the S-1 forms. Issuers are moving quickly and adapting to the SEC’s comments, paving the way for a potential near-term launch of spot Ethereum ETFs.

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