The race to establish the first Ethereum exchange-traded fund (ETF) in the United States has officially commenced, triggered by recent 19b-4 filings submitted by the Chicago Board Options Exchange (CBOE).
These filings effectively set the stage for the Securities and Exchange Commission (SEC) to make a crucial decision.
On September 6th, CBOE submitted two 19b-4 applications to the SEC, seeking approval for the listing of the ARK 21Shares Ethereum ETF and the VanEck Ethereum ETF on its BZX Exchange.
This marks a significant development, as it signifies the initiation of the countdown towards a decision by the SEC.
Bloomberg ETF analyst James Seyffart took to Twitter to highlight the significance of these 19b-4 filings compared to the previously submitted S-1 filings.
He pointed out that the clock is now ticking for the SEC to make a determination, and declared that the “Spot Ethereum ETF Race is officially on.” Seyffart estimated a final decision deadline around May 23, 2024.
In the financial world, a 19b-4 form is utilized by self-regulatory organizations, like stock exchanges, to request a rule change from the SEC.
READ MORE: Ethereum’s Price Stability Under Threat as Bearish Sentiment and Network Metrics Weigh In
In contrast, an S-1 filing merely indicates a firm’s intention to list a specific investment product on a national exchange.
The SEC is now obliged to review the 19b-4 filings and make a decision, although it has the authority to delay its decision, as it has previously done with spot Bitcoin ETFs.
Notably, ARK Invest and 21Shares collaborated to submit an S-1 filing to the SEC on September 6th, whereas VanEck’s S-1 filing dates back to July 2021. Seyffart anticipates that more spot Ethereum ETF filings will emerge in the coming days.
Furthermore, it’s worth mentioning that on August 17th, the SEC signaled its intention to approve Ethereum Futures investment products.
Concurrently, various firms, including Grayscale Investments and BlackRock, are actively pursuing approval for spot Bitcoin ETFs, intensifying the competition in the ETF space.
In conclusion, the race for the first Ethereum ETF in the United States has officially kicked off with the 19b-4 filings, and market participants are eagerly awaiting the SEC’s decision, which will have significant implications for the cryptocurrency investment landscape.
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