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 itcoin">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.
