According to a Barron report, the SEC has alerted exchanges that it is considering authorizing spot Ethereum ETFs. On Monday, allegations surfaced that the commission was altering its mind about the future of Ethereum funds, and the agency opted to expedite the process of assessing applicants’ documentation.
Exchanges Receive SEC Notice of Possible Spot Ethereum ETFs
Currently, the U.S. Securities and Exchange Commission allows ETFs to own Ether futures, but this approval will enable them to store the currency directly. Yesterday, the commission requested that exchanges revise their 19B-4 filings for Spot Ethereum ETFs. The government is moving quickly toward likely approval before the critical Thursday deadline.
Furthermore, for the Ethereum ETFs to be approved, the SEC must approve the 19b-4s (exchange regulation amendments) and S-1s (registration statements). Once both are accepted, all ETF applications will be approved simultaneously, allowing the funds to begin operations. After a lengthy process, the US government approved Bitcoin ETFs, and Ethereum ETFs are anticipated to follow suit.
The 19b-4 forms are expected to be approved by Thursday. If everything is cleared, Spot Ethereum ETFs might be available on the market as early as this week. The commission has not responded to suggestions that it may approve the ETFs this week.
Ethereum is up 20% as of press time, trading at $3,777.51. It has the second-highest market capitalization among all cryptocurrencies, after Bitcoin.