SEC approves the 19b-4 forms for spot Ethereum ETFs: trading will commence after the approval of the S-1 forms.
On May 23, the U.S. SEC approved the 19b-4 forms submitted by various issuers aiming to launch a spot Ethereum ETF. However, these products have not yet received clearance for trading on financial markets. The SEC still needs to approve the S-1 forms before investors can start trading them.
A spokesperson for Grayscale confirmed the company’s 19b-4 form approval.
It is worth noting that the decision to approve requests for spot Ethereum ETFs was made by the SEC’s Division of Trading and Markets and not by the five commissioners that make up the agency, unlike what happened with the approval of spot Bitcoin ETFs. A SEC spokesperson stated that the agency will not comment on the decision.
Bloomberg analyst James Seyffart described the agency’s decision to use delegated authority as normal:
The issuers
Several financial companies have applied for spot Ethereum ETFs, including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark 21Shares, Invesco Galaxy, and Franklin Templeton. Although the approval of the 19b-4 forms indicates the SEC’s readiness to consider the ETFs, it does not guarantee that the final S-1 forms will be approved for all issuers. According to Seyffart, it may take weeks or months before the products start trading.
