Cboe BZX filed 19-b4 amendments related to five spot Ethereum ETFs on May 21, significantly increasing the odds of each fund’s approval.The news coincided with a sudden spike in odds on Polymarket, which reports 70% odds of approval by May 31, up from just 10% hours before.Bloomberg ETF analyst James Seyffart commented on the development, stating that the filings validate earlier rumors and speculation.He acknowledged that each applicant is “still a potentially long way from a launch,” as the SEC must still issue approval orders on the 19b-4 filings, then S-1 registration statements. As such, each fund may not launch for “weeks or more,” according to Seyffart.Yesterday, Seyffart and his colleague Eric Balchunas increased approval odds to 75% amidst reports of upcoming amendments from their sources. Others, including FOX Business reporter Eleanor Terret, backed the reports based on their own sources.The Cboe BZX amendments concern proposals from Fidelity, VanEck, Invesco and Galaxy, Ark Invest and 21 Shares, and Franklin Templeton.The latest amendments do not account for all pending applications. Grayscale separately aims to convert its Ethereum Trust (ETHE) to a spot ETF on NYSE Arca, while BlackRock and Hashdex each intend to issue spot Ethereum ETFs on Nasdaq.The SEC must decide on VanEck’s spot ETH ETF on May 23. However, it may simultaneously approve multiple similar proposals with later deadlines.The amendments also describe critical aspects of each ETH ETF. Each filing states that the trust, fund, sponsor, custodian, and other parties will not engage in Ethereum staking.Some applicants previously proposed staking but removed the possibility in later S-1 statements.The filings also affirm that each fund will use cash creation and redemptions. By contrast, in-kind creations and redemptions would allow some participants to transact in crypto — a possibility that was raised but walked back during the approval of spot Bitcoin ETFs.Both factors are expected to influence the SEC’s decision on ETH ETFs.Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Get the latest crypto news and expert insights. Delivered to you daily.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.All spot ETH ETFs have yet to launch despite recent developments.ICBC compared Bitcoin to gold and said Ethereum has established itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.DeFillama data shows the platform’s TVL rose 135% despite the attack.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
