Ethereum

Franklin

<ul class="list-ic vertical">
 <li>1 <a>The SEC showed the green flag to form 19b-4 for all the eight spot Ethereum ETF applicants.</a></li>
 <li>2 <a>Applicants excluding VanEck &amp; Fidelity are now preparing for S-1 registration statements.&nbsp;&nbsp;</a></li>
 <li>3 <a>Political pressure and election season speculated to drive the regulator’s decision.</a></li>
</ul>
The crypto market’s happiness knew no bounds after news of Ether ETFs seeing the light of day got out. After Bitcoin (BTC), Ethereum (ETH) also joined the ETF race as the Securities and Exchange Commission (SEC) finally gave the green light to eight Ethereum ETF issuers. As of now, the SEC approved form 19B-4 and has begun a discussion on S-1 forms that help in offering new securities publicly.&nbsp;
<h2 class="wp-block-heading" id="strong-spot-ethereum-etf-approval-process-strong">Spot Ethereum ETF Approval Process</h2>
On May 23, the news of spot ETH ETF approval from the SEC’s office surprised the crypto community. The agency green-lighted 19b-4 forms of applicants including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.&nbsp;&nbsp;&nbsp;
At press time, ETH was trading at $3,685.19, after a drop of 2.64% in a day with a market cap of $443,076,467,375.&nbsp;&nbsp;&nbsp;
Wu Blockchain took to X to inform the crypto community about the SEC’s decision on Ethereum ETF.
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 The SEC has approved Form 19b-4 for eight Ethereum ETF issuers: BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton. The ETF issuers still need to have their S-1 registration statements go effective before they can begin trading. It is…— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1793771623243505824?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 23, 2024</a>
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Unfortunately, the Hashdex application wasn’t approved, scheduled for May 30. Now, approved ETFs will soon be available on three exchanges including CBOE, NYSE ARCA, and NASDAQ.
<h3 class="wp-block-heading" id="strong-ethereum-etf-issuer-s-next-step-strong">Ethereum ETF Issuer’s Next Step</h3>
Approval of the 19b-4 form is the initial stage and doesn’t provide the community with trading services. To get listed on exchanges, the applicants need to get their S-1 forms approved.
James Seyffart, ETF analyst at Bloomberg told his 158.8K X followers that final Spot ETH ETF approval will take time. According to Seyffart, approval of S-1 applicants would take a couple of weeks or longer. As of now, VanEck and Fidelity have filled out the S-1 form.
Filling the S-1 is a critical step for the ETFs to begin trading and the SEC has already initiated discussion with the issuers.&nbsp;
The 19b-4 form informs the agency of the proposed rule change whereas the S-1 form allows the SEC to offer the new securities and products publicly.
<h3 class="wp-block-heading" id="strong-what-the-approval-suggests-strong">What the Approval Suggests</h3>
The SEC’s several postponements on Spot<a href="https://www.thecoinrepublic.com/2024/05/07/sec-decided-to-deploy-decision-on-spot-ethereum-etf-is-regulatory-hesitating/" target="_blank" rel="noopener noreferrer nofollow"> Ethereum ETF</a> finally concluded with an approval. Many of the crypto enthusiasts connected the approval to political pressure and upcoming elections.
According to Eric Balchunas, senior ETF analyst at Bloomberg, political push played a key part in the approval of spot ETH ETF.&nbsp;&nbsp;
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 A bipartisan group of House lawmakers (incl Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer) have sent Gary Gensler a letter urging the SEC to approve spot Ether ETFs (and 'other' digital assets) bc it offers investors crypto access in regulated transparent safe format <a href="https://t.co/YLSJh6n0lF" rel="noopener noreferrer nofollow">pic.twitter.com/YLSJh6n0lF</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1793620303966503267?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 23, 2024</a>
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A group of House lawmakers including Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer urged the SEC to approve the ETF. More investment opportunities for the investors in a regulated and transparent environment was the reason behind the urge.
Moreover, the rejection of anti-crypto SAB 121 and approval of pro-crypto FIT21 may also have had a role in pushing the agency to make a positive move on ETF.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<h3 class="wp-block-heading" id="strong-crypto-community-celebrated-eth-etf-approval-strong">Crypto Community Celebrated ETH ETF Approval</h3>
As the&nbsp; Ethereum ETF was approved the X is flooded with posts, comments, memes, and tweets regarding the approval of ETH ETF.
Aztec (The Aggregated), CSO at Lunar Digital Assets reacted on ETH ETF approval, once commented that ETH would take center stage after the spot BTC ETF.&nbsp;
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 Welcome to the New World Ethereum Order.<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f918.png" alt="🤘" class="wp-smiley" style="height: 1em; max-height: 1em;"> Remember, I was the one who told you Ethereum would take center stage after the spot BTC ETF. The industry is confused. Many didn't expect ETH to be approved or next. (I laugh at those that thought SOL or XRP would be next after BTC)… <a href="https://t.co/fTlcAZJBDx" rel="noopener noreferrer nofollow">pic.twitter.com/fTlcAZJBDx</a>— Aztec (The Aggregated) <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f47f.png" alt="👿" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@circle_crypto) <a href="https://twitter.com/circle_crypto/status/1793841734042235007?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 24, 2024</a>
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According to him, the industry is confused as many of the individuals weren’t expecting the ETH ETF approval. “Everything is collapsing into the blockchain, and these technologies will replace the old systems”, Aztec added.&nbsp;
Sheldon The Sniper, a crypto influencer, reminded his 486.1K followers about the Bitcoin ETF, a dump before the pump. He also advised them to make a wise investment.&nbsp;&nbsp;&nbsp;

Ethereum ETFs Approved: Here’s How the Crypto Market Reacted

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