The Securities and Exchange Commission (SEC) has requested spot Ethereum ETF applicants to update their 19-b4 filings, leading to increased optimism about potential approvals, sources report.
According to Bloomberg ETF analyst Eric Balchunas, the SEC may reverse its anticipated stance and opt not to deny the pending applications. ETF Store President Nate Geraci echoed this sentiment, suggesting that the SEC could approve 19-b4 exchange listing rules while delaying its decision on S-1 registration statements.
Market analysts James Seyffart and Balchunas have heard from multiple sources that several new filings are expected to emerge in the coming days.
FOX Business reporter Eleanor Terret confirmed through her sources that the SEC has instructed issuers to update their 19b-4 filings. She described the situation as “evolving in real-time.”
Updating their predictions, Balchunas and Seyffart have increased the odds for a spot Ethereum ETF approval to 75%, up from their previous estimates of 25% to 30%. Balchunas emphasized that the issue has become an “increasingly political issue.”
The approaching deadlines add urgency, with the SEC scheduled to decide on VanEck’s proposal for a spot ETH ETF on May 23. Despite some pessimistic views, the prediction market Polymarket currently suggests a 10% chance of a spot Ethereum ETF approval by the end of May, based on crypto-related bets.
The recent surge in Ethereum prices seems to coincide with these developments. Ethereum’s price has increased by 20% in the last 24 hours, with most gains occurring within two hours of Balchunas’ announcement. Overall, the crypto market is up by 6.7% in the last 24 hours, with Bitcoin seeing a 5.2% increase.
The speculation and rumors about a potential SEC decision on spot Ethereum ETFs continue to drive market trends and investor sentiment.
