Ethereum ETF Proposals Clear Key SEC Hurdle in Sudden Crypto Turnaround

The U.S. Securities and Exchange Commission appears ready to pass eight spot Ethereum ETFs after expectations on their approval flipped overnight.

The agency just approved form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy simultaneously.

Although the products have nearly obtained the full go-ahead, the SEC must approve the firms’ S-1 registration filings before trading can begin.

Expectations on the approval of the ETFs turned on a dime when the agency reportedly changed its tune on the filings and began following procedures that preceded the approval of Bitcoin ETFs.

Bloomberg analyst Eric Balchunas cautions that trading for the Ethereum ETFs is likely weeks away.

“TO BE CLEAR: This does not mean they will begin trading tomorrow. This is just 19b-4 approval. Also needs to be an approval on the S-1 documents which is going to take time. We’re expecting it to take a couple weeks but could take longer. Should know more within a week or so!”

The second-largest crypto asset is up 1.5% in the last 24 hours, at $3,804.

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