Fidelity has submitted an amended S-1 application to the SEC for its spot Ether ETF, removing the staking feature, as per recent reports. The SEC’s potential reversal of its stance on spot Ether ETFs, possibly influenced by political pressures, has led to a request for ETF issuers to revise their filings. The decision deadline for VanEck’s Ether ETF proposal is May 23, and approval for Ether ETF issuers requires acceptance of their S-1 filings. The approval process for S-1 filings could take several weeks to months, but it is seen as a matter of “when” rather than “if.” The SEC has final deadlines for decisions on VanEck and ARK’s spot Ethereum ETF applications on May 23 and May 24, respectively. Concerns about liquidity and previous SEC classification of ETH as a security contribute to skepticism about swift approval. If rejected, issuers may need to resubmit filings, potentially leading to approval in Q4 2024 or Q1 2025 at best. There is anticipation of a disapproval order due to the lack of public activity in spot Ethereum ETF filings.
