The U.S. Securities and Exchange Commission (SEC) received the 19b-4 paperwork from five Ethereum (ETH) spot ETFs applications.
Just twenty-five minutes before the deadline, ETH ETF applicants Fidelity, VanEck, Invesco/Galaxy, Ark Invest, and Franklin Templeton submitted their Amended 19b-4 forms to the SEC, according to Bloomberg Intelligence analyst James Seyffart.
The analyst claims the ETF applicants eliminated ETH staking from their investment products using the 19b-4 forms. Experts had predicted that neither the issuer nor the user could “directly or indirectly” use the ETF for Ethereum staking.
On May 21, Alex Thorn, Head of Firmwide Research at Galaxy Digital, stated that the SEC might designate staked Ethereum as a security to approve the ETFs.
Seyffart further noted that even with the 19b-4 paperwork submitted, there is still a 75% chance that the ETH ETF would be approved. The spot ETH ETFs may not launch in the United States for “weeks or more,” according to the Bloomberg Intelligence analyst.
According to analysts at the Singapore-based trading firm QCP Capital, the introduction of spot Ethereum ETFs could push the asset’s price above $5,000, according to a May 21 story.