The SEC has begun working with Ethereum ETF issuers through the S-1 format. source

The U.S. Securities and Exchange Commission has begun discussions on the S-1 registration statement. Ethereum ETH

+2.06%
ETF issuer, according to sources.

“It’s basically just the beginning,” said a senior employee at one issuer regarding the conversation surrounding Form S-1. “I feel like (the Investment Management Department) was somewhat caught off guard by the change in atmosphere. “Then it’s just the beginning.”

The source added that while they do not expect progress toward an Ethereum ETF to be scrapped, they remain cautious.

In order for an Ethereum ETF to be approved, the SEC must approve a Form 19b-4 (which is done as a single omnibus order for the Bitcoin ETF) and then the S-1 registration statement must become effective. Only then can trading begin.

Before each approval, the form is usually sent back for corrections and filled out again. Once the final version is submitted, the SEC may choose to approve it. There has been a lot of movement around Form 19b-4, but recently only Fidelity has filed a revised Form S-1. Discussions on the S-1 are currently ongoing, so there may be more revisions in the future.

SEC faces decision date on Ethereum ETF

As for the 19b-4 form, the SEC has until today to approve or reject the VanEck Ethereum ETF’s 19b-4 form. The intention to approve multiple issuers at once, as with the Bitcoin ETF, has experts optimistic that this will happen today once the ETF is approved.

Bloomberg ETF analyst Eric Balchunas told X that he expects the SEC to make a decision around 4pm ET. “For spot BTC, it fell at 3:45 PM, while in the past some others fell a little after 4 PM. “Anything is possible,” he said.

However, even if the Form 19b-4 is approved, it may take longer for the Form S-1 to be prepared and become effective. This means that Form S-1 may delay the time it takes for a transaction to begin.

Balchunas told The Block in a recent interview: “I don’t know how fast the fast track is, but depending on S-1, it’s going to be a crazy scramble for the next few days and even weeks.”

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