Spot Ethereum ETF odds got a much-needed boost after the U.S. Securities and Exchange Commission (SEC) staff told exchanges that it is “leaning toward approving” spot Ethereum ETFs, as per Barron’s. Issuers including BlackRock, VanEck, and others earlier revealed that the SEC and its staff aren’t showing any interest in spot Ether ETFs, but the stance seems to have changed as the final decision looms on May 23.
US SEC Leaning Towards Approving Spot Ether ETFs
The staff of the Securities and Exchange Commission (SEC) on Monday told exchanges that they are thinking about approving spot Ethereum ETF in the United States, according to people familiar with the matter.
The regulator even provided comments on the applications that if resolved within time, it could result in approvals as soon as this week. VanEck and Ark Invest are first in line for the SEC’s decision on May 23 and May 24, respectively.
Meanwhile, spot Ethereum ETF applicant Fidelity has amended its S-1 filing and removed the staking feature, potentially in guidance with the SEC. Bloomberg analysts have notably increased the probability of the SEC approving spot Ether ETF from 25% to 75%.
In addition, Grayscale has also submitted an updated 19b-4 form for its Ethereum Mini Trust, marking a critical step towards launching a spot Ethereum ETF. Bloomberg ETF analyst James Seyffart shared this update on X, highlighting the growing momentum in the cryptocurrency ETF space.
Exchanged Asked to Update Applications Within Timeline
The U.S. SEC has asked Nasdaq and the Chicago Board Options Exchange (CBOE) for adjustments to their spot Ether ETF filings. As the deadline approaches, issuers and exchanges face pressure to update filings by 10:30 AM.
With sentiment surrounding the approval of spot Ether ETFs rise, it has brought a major recovery in the broader crypto market. As per the order of events, Nate Geraci, the president of the ETF Store, highlighted that both the 19b-4 and S-1 need to be approved before any spot Ethereum ETF can go live.
ETH price jumped 22% in the past 24 hours, with the price currently trading at $3,741. The 24-hour low and high are $3,139 and $3,750, respectively. Furthermore, the trading volume has increased by over 300% in the last 24 hours, indicating a rise in interest among traders.
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The post Breaking: Spot Ethereum ETF Coming This Week As SEC “Leaning Towards Approving” appeared first on CoinGape.
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