Spot Ethereum ETF Approval Now Promoted By US Lawmakers With SEC

Key Points:

• Bipartisan U.S. Congress members urge SEC to spot Ethereum ETF approval, citing transparency and regulation as key benefits.
• Speculation arises over an imminent SEC announcement, potentially around 16:00 ET.
• SEC discussions commence on S-1 registration statements with potential Ethereum ETF issuers.

Members from both sides of the U.S. Congress, including Majority Whip Tom Emmer and New Jersey Democratic Congressman Josh Gottheimer, have united in urging the Securities and Exchange Commission (SEC) to greenlight spot Ethereum ETFs and “other” digital asset ETFs.

Bipartisan Push for Spot Ethereum ETF Approval Gains Momentum in U.S. Congress

Bloomberg ETF analyst Eric Balchunas revealed the move, emphasizing that such spot Ethereum ETF approval could offer investors a regulated and transparent investment avenue.

Anticipation swirls around an upcoming spot Ethereum ETF approval from the SEC, potentially around 16:00 ET today. Drawing parallels with previous decisions, such as the spot Bitcoin ETF approval at 15:45 ET, analysts speculate a similar timeframe.

Markus Thielen of 10X Research suggests that SEC Chair Gary Gensler might precede the decision with a cautionary tweet about investment risks, akin to his approach before the Bitcoin ETF approval.

Progress Made as SEC Engages in Discussions on Ethereum ETF Registration Statements

Insider information suggests that discussions around S-1 registration statements with potential Ethereum ETF issuers have commenced within the SEC.

For Ethereum ETFs to materialize, the SEC must first approve the 19b-4 forms, as they did with Bitcoin ETFs in one omnibus order, followed by the effectiveness of the S-1 registration statements. Trading can only commence thereafter.

Typically, ahead of each approval, forms undergo amendments and resubmissions. While there’s been considerable activity surrounding the 19b-4 forms, only Fidelity recently filed an amended S-1 form. With discussions now revolving around the S-1s, further amendments may be on the horizon.