The starting gun has officially been fired to potentially approve the first Ethereum exchange-traded fund (ETF) tracking the spot price in the United States. This milestone was triggered by the Chicago Board Options Exchange (CBOE) submitting two new filings known as 19b-4 forms to the Securities and Exchange Commission (SEC) on September 6th.
These regulatory filings request listing approval for proposed spot Ethereum ETFs from both ARK Invest and VanEck. Unlike previous S-1 filings which just signaled intent to launch but didn’t require SEC action, these new 19b-4 forms legally obligate the SEC to review the proposals and make a final decision within 240 days.
While the SEC can certainly delay as they’ve done before with Bitcoin ETF proposals, analysts widely believe this kicks off the official countdown clock for Ethereum. According to Bloomberg’s James Seyffart, we could see a final deadline around May 23, 2024 for approval or rejection. Other firms are expected to file 19b-4 forms soon too, sparking a race to launch the first regulated spot Ethereum investment product in the US.
VanEck has been patiently waiting since last year after submitting their initial S-1 filing. However, ARK Invest only recently partnered with fintech provider 21Shares to file an Ethereum ETF proposal. Now with these proper 19b-4 filings, the SEC will have to give an answer rather than letting them languish.
Many see the approval of a spot Ethereum ETF as inevitable, especially as the second-largest cryptocurrency continues to mature. These latest filings suggest the SEC decision could land within the next year, marking a major milestone for crypto adoption and regulation.
