The SEC has asked spot Ethereum ETF applicants to update their 19-b4 filings, leading to greater optimism around potential approvals, according to sources.Bloomberg ETF analyst Eric Balchunas said on May 20 that the SEC could reverse its expected stance and choose not to deny the pending applications. He cited ETF Store President Nate Geraci, who claimed the SEC could approve 19-b4 exchange listing rules while postponing its decision on S-1 registration statements.James Seyffart added that he and Balchunas had heard from multiple sources and that several new filings should emerge in the coming days.FOX Business reporter Eleanor Terret said her sources have also confirmed that the SEC has told issuers to update 19b-4 filings. She said earlier that the matter is “evolving in real-time.”Balchunas and Seyffart updated their odds for a spot Ethereum ETF approval to 75% from their most recent predictions of 25% to 30%Balchunas also noted that the matter has become an “increasingly political issue,” a topic that has been heavily discussed over the past week.On May 15, Coinbase Research Analyst David Han suggested that the US election year could influence the SEC’s decision. At the time, Balchunas called Han’s statements a “risk-free PR move” and said his own predictions carried more risk to his reputation.Bankless founder Ryan Sean Adams, who agreed that politics could play a role in approvals around the time of the Coinbase report, supported Balchunas’ statements today. He responded:“This is what political pressure during election years can do.”Some commentators remain pessimistic. Blockchain Association Director of Government Relations Ron Hammond said on May 20 that many believe the SEC will deny applications based on political indicators and comments from issuers.Deadlines are rapidly approaching. The SEC must decide on VanEck’s proposal for a spot ETH ETF on May 23 but may decide on multiple applications simultaneously.The prediction market Polymarket now suggests a 10% chance that a spot Ethereum ETF could be approved by the end of May, based on crypto-backed bets.The latest developments coincide with sudden price growth for ETH. The price of Ethereum is up 20% over 24 hours, with most of those gains within two hours of Balchunas’ announcement. The crypto market is up 6.7% over 24 hours, while Bitcoin is up 5.2%.At the time of press 1:07 pm UTC on May. 21, 2024, Ethereum is ranked #2 by market cap and the price is up 21.71% over the past 24 hours. Ethereum has a market capitalization of $452.75 billion with a 24-hour trading volume of $42.62 billion. Learn more about Ethereum ›At the time of press 1:07 pm UTC on May. 21, 2024, the total crypto market is valued at at $2.62 trillion with a 24-hour volume of $147.37 billion. Bitcoin dominance is currently at 53.44%. Learn more about the crypto market ›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.
