Five Ethereum (ETH) spot ETF applicants have filed their 19b-4 forms with the U.S. Securities and Exchange Commission (SEC).
According to Bloomberg Intelligence analyst James Seyffart, ETH ETF applicants — Fidelity, VanEck, Invesco/Galaxy, Ark Invest, and Franklin Templeton — submitted their amended 19b-4 forms to the SEC just 25 minutes before the deadline.
The 19b-4 forms are used to inform the SEC about a proposed rule change.
The ETF applicants used these forms to exclude ETH staking from their investment products. Experts had predicted that neither the issuer nor the user could “directly or indirectly” engage in Ethereum staking activities with the ETF.
Alex Thorn, Head of Firmwide Research at Galaxy Digital, mentioned on May 21 that the SEC might classify staked ETH as a security as part of the ETF approval process.
Seyffart also noted that the chances of the ETH ETF getting approved remain at 75% despite the submission of the 19b-4 forms.
The Bloomberg Intelligence analyst added that it could take “weeks or more” before the spot ETH ETFs launch in the U.S.
Summary Review: The submission of 19b-4 forms by five major firms for their Ethereum spot ETFs marks a significant step towards potential approval by the SEC. By excluding ETH staking from their investment products, these firms aim to align with regulatory expectations. Despite this progress, experts believe that the approval chances stand at 75%, and the launch of these ETFs in the U.S. could still take several weeks or longer. This development highlights the ongoing regulatory scrutiny in the crypto industry and the careful steps firms are taking to navigate it.
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