Applications for Ethereum ETFs include submission of Form 19b4

Five applicants for Ethereum (ETH) spot ETFs have submitted their 19b-4 forms to the U.S. Securities and Exchange Commission (SEC). According to Bloomberg Intelligence analyst James Seyffart, Fidelity, VanEck, Invesco/Galaxy, Ark Invest, and Franklin Templeton submitted their amended 19b-4 forms just 25 minutes before the deadline. These forms are used to notify the SEC of a proposed rule change.

The ETF applicants utilized the 19b-4 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, 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 likelihood of the ETH ETF approval stands at 75%. The Bloomberg Intelligence analyst suggested that it could take “weeks or more” before the spot ETH ETFs are launched in the U.S. Analysts at QCP Capital in Singapore 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 stated to the SEC that if they are compelled to engage in litigation, they are confident of emerging victorious.

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