Ethereum

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The U.S. Securities and Exchange Commission (SEC) has requested that exchanges involved in listing and trading shares of <a href="https://coingape.com/spot-ethereum-etf-bloomberg-analysts-raise-approval-odds-to-75/" rel="noopener noreferrer nofollow">spot Ether (ETH)</a> exchange-traded funds (ETFs) accelerate their updates to 19b-4 filings. 
This move implies a possible change in the regulatory environment for cryptocurrency ETFs, hinting that the SEC may soon start approving these applications.
<h2 id="sec-accelerated-19b-4-filing-updates">SEC Accelerated 19b-4 Filing Updates</h2>
Exchanges seeking to list and trade spot Ethereum exchange-traded funds (ETFs) have quickly received instructions from the SEC to update their <a href="https://coingape.com/a-new-19b-4-filing-seeks-options-trading-for-spot-bitcoin-etfs-will-the-sec-allow/" rel="noopener noreferrer nofollow">19b-4 filings</a>. The body is making this request early as it prepares to decide on these applications before an important deadline on Thursday (May 23).&nbsp;
However, updating the 19b-4 filings is a critical step, but more needs to be done to ensure the final approval of the ETFs. These products must also have their S-1 applications approved before they can officially begin trading.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The SEC has asked exchanges that want to list and trade spot ETH ETFs to promptly update their 19B-4 filings. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f50e.png" alt="🔎" class="wp-smiley" style="height: 1em; max-height: 1em;">
 — Moby Media (@mobymedia) <a href="https://twitter.com/mobymedia/status/1792659772967407754?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 20, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Analysts expressed surprise ( some implying a political stance) with the sudden activity of the SEC in updating the filings, which is an indication that the commission may be more willing to approve these applications than considered earlier. 
However, there is yet to be a clear path as to when the S-1 filing will be approved, and this leaves certain market participants cautiously hopeful of what might happen.
<h2 id="spot-ethereum-etf-approval-odds">Spot Ethereum ETF Approval Odds</h2>
The pressure to make changes has emerged as part of the more comprehensive review carried out by the SEC as to whether Ethereum, the main asset of the Ethereum blockchain, should be regarded as a security after it has changed from a proof-of-work consensus to a proof-of-stake consensus mechanism.
The categorization might significantly affect the approval process of <a href="https://coingape.com/proshares-files-to-list-two-spot-ethereum-etfs-approval-odd-is-high/" rel="noopener noreferrer nofollow">spot Ethereum ETFs</a>. If Ethereum is held as a security, it would result in a regulatory denial of these ETF applications.
Given these regulatory actions, Bloomberg Intelligence analysts revised their outlook for a spot ether <a href="https://coingape.com/ethereum-etf-approval-hangs-in-balance-as-sec-issues-major-notice/" rel="noopener noreferrer nofollow">ETF approval</a>. They updated the odds from 25% to 75% after the SEC changed its position on the issue. This change mirrors the increasing notion that the SEC may be approaching the applications more favorably despite the regulatory complications.
<h2 id="ethereum-price-trend">Ethereum Price Trend</h2>
After the announcements, the <a href="https://coingape.com/ethereum-eth-price-jumps-5-this-breakout-can-trigger-bull-run/" rel="noopener noreferrer nofollow">Ethereum (ETH) price</a> has reacted positively, with bulls breaching the $3500 resistance. At press time, ETH was exchanging hands at $3,586.81, a 16% surge from the intra-day low of $3,050.&nbsp;
Concurrently, ETH’s market capitalization and 24-hour trading volume soared by 17% and 200%, respectively, to $431,300,222,628 and $26,020,938,539.&nbsp;
Read Also: <a href="https://coingape.com/sei-price-soars-10-as-foundation-proposes-v2-upgrade/#:~:text=The%20news%20of%20transitioning%20to,compatible%20with%20Ethereum%2Dbased%20contracts." rel="noopener noreferrer nofollow">Sei (SEI) Price Soars 10% as Foundation Proposes V2 Upgrade</a>
The post <a href="https://coingape.com/spot-ethereum-etf-sec-pushes-exchanges-for-update-on-19b-4-filings/" rel="noopener noreferrer nofollow">Spot Ethereum ETF: SEC Pushes Exchanges for Update on 19b-4 Filings</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Spot Ethereum ETF: SEC Pushes Exchanges for Update on 19b-4 Filings

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