SEC Requests Updated S-1 Filings for Spot Ethereum ETF Issuers

The U.S. Securities and Exchange Commission (SEC) has made a significant move in the world of cryptocurrency by asking spot Ethereum ETF issuers to submit updated S-1 filings by Friday. This development comes after the SEC approved spot Ether ETFs last week, following a last-minute change in their interest in favor of these ETFs.

According to sources familiar with the matter, the spot Ethereum ETF issuers are now required to submit their draft S-1 filings by the end of the week. However, it may still be weeks before these ETFs are available for trading, as further amendments to the S-1 filings are expected.

Nate Geraci, host of ETF Prime Podcast, commented on the situation, stating that there will likely be additional amendments following this round of updates. The SEC is reportedly engaging fairly quickly in this process, indicating a sense of urgency in getting the spot Ether ETFs listed for trading.

Several major players in the cryptocurrency space, including BlackRock, VanEck, Fidelity, and Grayscale, are proceeding with their spot Ether ETF proposals. However, Hashdex has withdrawn its proposal for unknown reasons.

The market reaction to the news of the SEC’s request for updated S-1 filings has been positive, with the price of Ethereum (ETH) jumping 1% in response. The price of ETH surpassed $3,800, with a 24-hour low and high of $3,702 and $3,823, respectively. The decrease in trading volume suggests that the buying activity may be coming from whales or big investors.

Overall, the development of spot Ethereum ETFs and the SEC’s involvement in the process are significant steps towards mainstream adoption of cryptocurrencies in the financial markets. Investors and enthusiasts will be closely watching the progress of these ETFs in the coming weeks.