According to Reuters, the US Securities and Exchange Commission (SEC) requested corrections to the Spot Ethereum ETF filings from NASDAQ and CBOE on Monday.
Reuters claimed that sources said the SEC may be ready to approve ETH ETFs.
US SEC Request Signals Regulator May Be Poised to Approve Filings – Sources
Source: Reuters Crypto
— db (@tier10k) May 21, 2024
The SEC asked Nasdaq and CBOE on Monday to correct applications for spot ETH ETFs, signaling it may be ready to approve the applications, three people familiar with the process told Reuters.
The SEC must decide whether to approve applications filed by the CBOE to list Ethereum ETFs submitted by VanEck and ARK Investments/21Shares on May 23-24.
The SEC did not have detailed discussions with exchanges and issuers regarding application details as in the case of Bitcoin ETFs. For this reason, leading industry executives predicted that this situation would lead to a negative decision.
But in a surprise move Monday, SEC officials asked Nasdaq and CBOE to quickly make updates and changes to the filings.
Evaluating this situation, experts stated that these change requests usually come before approval.
In addition, in order for ETH ETFs to begin trading, exchanges must also approve the S-1 applications of the issuing companies, in addition to the 19b-4 applications. At this point, experts pointed out that, unlike stock exchange applications, there is no specific time frame within which the SEC must make a decision for S-1 applications, and said that this could mean that it may still take several months for Ethereum ETFs to be traded.
*This is not investment advice.