SEC Demands Updated S-1 Filings from Spot Ethereum ETF Issuers by Friday

• The U.S. Securities and Exchange Commission (SEC) has recently requested spot Ethereum ETF issuers to submit updated S-1 filings by Friday.
• This move comes after the SEC approved spot Ether ETFs last week, following the submission of 19b-4 forms.
• Nate Geraci, host of the ETF Prime Podcast, noted that additional amendments are expected before the final listing.

Stay updated on the latest developments in the crypto market with our comprehensive coverage of the SEC’s recent actions regarding spot Ethereum ETFs.

SEC Seeks Updated S-1 Filing From Spot Ethereum ETF Issuers

The spot Ethereum ETF issuers have been asked to submit their draft S-1 filings by Friday, as per sources familiar with the SEC’s communication to issuers. The SEC approved spot Ether ETFs last week after 19b-4 forms were filed following a last-minute change in the SEC’s stance, which experts believe was influenced by political pressure.

Market Implications and Expert Opinions

The updated S-1 filings will follow comments by the U.S. SEC, with further amendments to S-1 expected for weeks before spot Ether ETFs get listed for trading. According to experts, the SEC could require spot Ether ETF issuers to undergo two additional rounds of updates before a final decision on the listing is made. Nate Geraci, host of the ETF Prime Podcast, remarked, “There would still be additional amendments following this. But SEC clearly engaging fairly quickly here.”

ETH Market Reaction

Bloomberg analyst Eric Balchunas earlier suggested that the market reaction to Ethereum ETFs will not be as enthusiastic as the reaction to spot Bitcoin ETFs. However, the ETH price jumped 1% in response to the news of the SEC asking for an updated S-1 filing. The price surpassed $3,800, with a 24-hour low and high of $3,702 and $3,823, respectively. Furthermore, the trading volume has decreased by 20% in the last 24 hours, indicating that the buying came from whales or big investors.

Conclusion

The SEC’s request for updated S-1 filings from spot Ethereum ETF issuers marks a significant step towards the potential listing of these financial products. While the process may take weeks and involve additional amendments, the market’s initial reaction has been positive, with Ethereum prices showing a notable increase. Investors should stay tuned for further updates as the situation develops, keeping an eye on both regulatory decisions and market movements.