Applicants for Ethereum ETFs file 19b4 forms
Five applicants for Ethereum (ETH) spot ETFs have 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 submitted their Amended 19b-4 forms just 25 minutes before the deadline.
These 19b-4 forms are crucial for informing the SEC about a proposed rule change. The applicants made sure to remove ETH staking from their investment products using these forms, as neither the issuer nor the user can partake in Ethereum staking activities with the ETF.
Alex Thorn, Head of Firmwide Research at Galaxy Digital, expressed concerns on May 21 that the SEC might consider staked ETH as a security in order to approve the ETFs. Despite the submission of the 19b-4 forms, Seyffart noted that the chances of the ETH ETF approval stand at 75%.
The Bloomberg Intelligence analyst mentioned that it may take “weeks or more” before the spot ETH ETFs are launched in the U.S. Analysts at the Singapore-based trading firm QCP Capital believe that the approval of spot Ethereum ETFs could potentially drive the asset’s price above the $5,000 threshold.
In other news, Uniswap has boldly stated to the SEC that if forced to litigate, they are confident they will emerge victorious.
