SEC Scrutinizes Ethereum ETF Applications Ahead of Deadline
Would-be issuers face last-minute requests
SEC seeks additional information before approval decision
With a key deadline approaching, issuers eager to launch Ethereum exchange-traded funds (ETFs) are racing against time to meet the Securities and Exchange Commission's (SEC) last-minute requests for additional information. While the possibility of Ethereum ETFs remains a tantalizing prospect for the cryptocurrency industry, it faces uncertainty as the SEC carefully reviews these applications.
According to Standard Chartered, the SEC's approval of Ethereum ETFs could materialize on May 23. However, the bank cautions that ETFs directly holding Ethereum's ether (ETH) are less likely to receive approval at this time. Rising macroeconomic risks have tempered expectations of a swift approval process.
The SEC's recent approval of over ten spot Bitcoin ETFs has fueled optimism for Ethereum ETFs, but the SEC's stringent review process and concerns over the cryptocurrency's market volatility have created a layer of uncertainty. It remains to be seen whether the SEC will greenlight Ethereum ETFs before the deadline or extend its review period.
In a sign of potential approval, the SEC has reportedly asked exchanges to update their Form 19b-4 filings for ether ETFs. This request suggests that the SEC is actively considering these applications and may be seeking further clarity from the issuers before making a decision.
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