VanEck submitted an 8-A form early on Tuesday to advance its bid for approval of a spot Ethereum (ETH) ETF, according to a recent SEC filing. If granted, this form would enable clients of the investment management firm to trade products on the exchange subsequent to ETH’s spot approval.
Senior Bloomberg ETF Analyst Eric Balchunas noted in a June 25 post that while this filing is a procedural step, it might indicate a potential timeline for the SEC’s decision. Balchunas pointed out that VanEck filed a similar form exactly seven days prior to the launch of spot Bitcoin ETFs in January, suggesting a comparable timeframe for potential approval.
News of VanEck’s filing emerged shortly after CEO James van Eck shared a photo featuring SEC Chair Gary Gensler, hinting at ongoing discussions. Gensler, who previously cautioned against misconstruing the approval of spot Bitcoin ETFs as an indicator of future decisions on crypto asset securities, recently hinted at a potential approval for spot ETH ETFs sometime during the summer.
The SEC, known for its rigorous approach to overseeing digital assets, has been inundated with registration filings from hopefuls seeking approval for spot ETH ETFs in recent months. Despite formal approval of rule 19b-4 forms for several candidates last month, final passage hinges on the greenlighting of an initial registration form known as the S-1 form.
Amidst these developments, discussions around emerging crypto regulations in the lead-up to the November 2024 U.S. presidential election have intensified. Analysts such as James Seyffart believe the SEC’s stance on spot ETH ETFs reflects broader political pressures influencing regulatory decisions.
“We see this as a significant pivot by the SEC,” Seyffart commented, alluding to the agency’s evolving approach under current U.S. President Joe Biden’s administration. However, the exact timing of spot ETH ETF approvals remains uncertain.
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