Ethereum

Cryptocurrency

James

Polymarket users who lost money by betting against the approval of spot Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) exchange-traded funds (ETFs) are crying foul toward the decentralized betting platform, arguing the bet is still on.&nbsp;
One betting <a href="https://polymarket.com/event/ethereum-etf-approved-by-may-31/ethereum-etf-approved-by-may-31?tid=1716511257689" target="_blank" rel="noopener noreferrer nofollow">market</a> on the blockchain platform saw over $13.2 million worth of bets placed on whether an Ether ETF would be approved by May 31 — but it didn’t exactly detail what “approved” meant.
The market closed at a “Yes” result on May 23, after the Securities and Exchange Commission <a href="https://cointelegraph.com/news/sec-spot-ether-etf-approved" rel="noopener noreferrer nofollow">greenlit the 19b-4 filings</a> for multiple Ether ETFs. Polymarket's logs show the result was briefly disputed but ultimately resolved with the same “Yes" outcome.
But “No” voters argue the call is incorrect, saying a United States ETF needs an approved 19b-4 filing and Form S-1 to start trading on an exchange, and without the S-1 filing, there can’t be a “Yes” result.
Analysts say it could be months before the SEC approves the S-1s, which some “No” voters may have banked their money on.
Prominent “No” bidder “JustKen” — who <a href="https://polymarket.com/profile/0x9d84ce0306f8551e02efef1680475fc0f1dc1344?tab=positions" target="_blank" rel="noopener noreferrer nofollow">changed</a> their name to “RevengeTour19B4” after the saga — pointed to <a href="https://cointelegraph.com/news/vaneck-ethereum-etf-ad-after-sec-approval" rel="noopener noreferrer nofollow">VanEck digital assets</a> research head Matthew Sigel’s X post that said “ETFs are not considered ‘approved’” until both the S-1 and “19b-4 filing have been signed off on by the SEC.”
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/f88c475b-5829-4d04-81c5-1feba2712136.png">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/matthew_sigel/status/1793665124202352864" target="_blank" rel="noopener noreferrer nofollow">Matthew Sigel</a>
 </figcaption>
</figure>
The unhappy punters also pointed to Bitwise investment chief Matt Hougan <a href="https://youtu.be/scD0sc_Ss0Y?feature=shared&amp;t=972" target="_blank" rel="noopener noreferrer nofollow">telling</a> the Unchained podcast that ETFs are a “nuclear key scenario” where an issuer has “to turn” the 19b-4 and S-1 for approval.
Meanwhile, some in the winning “Yes” camp claimed that the market specified “approval,” not that the ETFs had to start trading by May 31.
Related: <a href="https://cointelegraph.com/news/sec-etf-decision-means-ether-other-tokens-not-securities" rel="noopener noreferrer nofollow">SEC’s ETF decision means ETH and ’a lot’ of other tokens are not securities</a>
Others argue the SEC’s 19b-4 approvals are counted as final approval, claiming that Form S-1 approvals typically always follow.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/9c0cc868-11b0-45d6-beed-0117cbf5eefb.png">
 <figcaption style="text-align: center;">Source: <a href="https://x.com/JSeyff/status/1793742819120558589" target="_blank" rel="noopener noreferrer nofollow">James Seyffart</a>
 </figcaption>
</figure>
Risk Labs, the company behind UMA, a blockchain oracle platform that provides a forum for handling information disputes on Polymarket, did not immediately respond to a request for comment on the situation.
Polymarket’s development firm, Adventure One QSS Inc., did not immediately respond to a request for comment.
Magazine: <a href="https://cointelegraph.com/magazine/cryptocurrency-trading-addiction-what-to-look-out-for-and-how-it-is-treated/" rel="noopener noreferrer nofollow">Cryptocurrency trading addiction — What to look out for and how it is treated</a>

Polymarket gets backlash over ‘approved’ outcome on $13M Ethereum ETF bet

Cointelegraph

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