Applicants for Ethereum ETF file 19b4 forms
Five applicants for Ethereum (ETH) spot ETFs have successfully submitted their 19b-4 forms to the U.S. Securities and Exchange Commission (SEC). Bloomberg Intelligence analyst James Seyffart revealed that Fidelity, VanEck, Invesco/Galaxy, Ark Invest, and Franklin Templeton managed to submit their Amended 19b-4 forms to the SEC just 25 minutes before the deadline.
These 19b-4 forms are crucial in notifying the SEC of a proposed rule change. The ETF applicants made use of these forms to eliminate ETH staking from their investment products, as neither the issuer nor the user can participate in Ethereum staking activities with the ETF.
Alex Thorn, the Head of Firmwide Research at Galaxy Digital, mentioned on May 21 that the SEC might classify staked ETH as a security to facilitate the approval of the ETFs. Despite the submission of the 19b-4 forms, Seyffart noted that the chances of the ETH ETF approval stand at 75%.
The approval of spot Ethereum ETFs could potentially drive the asset’s price above $5,000, as suggested by analysts at the Singapore-based trading firm QCP Capital in a report on May 21. It is anticipated that the launch of spot ETH ETFs in the U.S. may take “weeks or more” before becoming a reality.
In related news, Uniswap has warned the SEC that they are prepared to win in litigation if necessary.
