Ethereum
SEC Requests Update on 19b-4 Filings
The United States Securities and Exchange Commission (SEC) has requested that exchanges involved in the listing and trading of shares of Point Ether (ETH) exchange-traded funds (ETFs) are accelerating their updates to 19b-4 filings.
The move implies a possible change in the regulatory environment for cryptocurrency ETFs, hinting that the SEC may soon begin approving these applications.
SEC Expedited Updates to 19b-4 Filings
Exchanges seeking to list and trade spot Ethereum exchange-traded funds (ETFs) quickly received instructions from the SEC to update their 19b-4 Filings. The agency is making this request early as it prepares to decide on these requests before an important deadline Thursday, May 23.
However, updating 19b-4 filings is a crucial step, but much more needs to be done to ensure final approval of ETFs. These products must also have their S-1 application approved before they can officially begin marketing.
Analysts have expressed surprise (some implying political stance) at the SEC’s sudden activity in updating the filings, indicating that the commission may be more willing to approve these requests than initially thought. had previously considered.
However, there is no clear date yet as to when the S-1 filing will be approved, leaving some market participants cautiously hopeful about what might happen.
Ethereum Spot ETF Approval Ratings
The pressure to make changes emerged amid a broader review by the SEC into whether Ethereum, the primary asset on the Ethereum blockchain, should be considered a security after changing from a proof-of-proof consensus work. to a proof-of-stake consensus mechanism.
The categorization could significantly affect the approval process of spot Ethereum ETFs. If Ethereum is held as collateral, this would result in regulatory denial of these ETF applications.
Given these regulatory measures, Bloomberg Intelligence analysts have revised their outlook for spot ether. ETF Approval. They updated the odds from 25% to 75% after the SEC changed its stance on the issue. This change reflects the growing belief that the SEC may approach applications more favorably despite regulatory complications.
Ethereum Price Trend
After the announcements, the Ethereum (ETH) Price reacted positively, with bulls breaking through the $3,500 resistance. At press time, ETH was trading at $3,586.81, up 16% from the intraday low of $3,050.
Meanwhile, ETH’s market cap and 24-hour trading volume climbed 17% and 200%, respectively, to $431,300,222,628 and $26,020,938,539.
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