Grayscale submits SEC-requested form for its Ethereum spot ETF – DiarioBitcoin

As such, Grayscale submitted the form 19b-4 of your ETF Ethereum in cash before the SEC, in which some changes in the negotiation rules are established. Previously Fidelity submitted to the agency a modification to its request, in which it leaves out the staking of ETH.

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• Grayscale heeded the call of the SEC regarding your ETF application Ethereum
• Submitted the form to the agency 19b-4
• The SEC requested this document from the administrators in view of the official verdicts
• The announcement of the SEC sparked renewed optimism for ETFs Ethereum cash
• In the case of Grayscale, The official verdict for your application should come at the end of June

The management firm of investment funds based on cryptocurrencies, Grayscale, responded to the request of the US Securities and Exchange Commission (SEC) and submitted the form 19b-4 related to your ETF application Ethereum in cash, which constitutes an important step to guarantee the arrival of this product to the US market.

Grayscale submitted form 19b-4 before the SEC

According to reports published by various media, Grayscale recorded today before the SEC the respective form, with which you establish some changes in the trading rules for your ETF Ethereum cash. With this product, the company will seek to offer institutional and high net worth investors exposure to the main digital currency, in accordance with the provisions of the stock market in the US.

The submission of this form by Grayscale occurs one day after the SEC notify the corresponding exchanges and administrators to update the form submissions 19b-4 “as soon as possible”. According to some reports, sources with knowledge of the case assure that this measure indicates that the agency would be preparing for a possible approval, but would also seek to further delay the verdicts since a first batch expires in the coming days.

As well as Grayscale, Fidelity He also did the same for his ETF Ethereum in cash, only that it modified its form S-1, ensuring that the fund will not stake and will not participate in the network validation of said digital currency.

Let us keep in mind that Grayscale withdrew its application for ETF futures at the beginning of the month Ethereum, so it seems to be focusing its efforts and resources on the fund based on Ethereum cash.

Optimism regarding the possible arrival of ETFs Ethereum cash

Yes ok Grayscale responded to the request made by the SEC to managers interested in launching their funds based on Ethereum in cash, this fact occurs amid renewed optimism regarding the possible approval of ETFs based on said digital currency.

As we indicated in previous editions, yesterday the analysts of Bloomberg, James Seyffart and Eric Balchunas radically changed their minds regarding ETFs Ethereum in cash, and after thinking that this first batch of applications would be rejected, they now place the verdict for these products at a 75% probability of success.

For many, this reading was pleasantly surprising, since until before the leaks the probabilities of success were around 25% due to the silence in relation to the review process before the SEC. The agency has a kind of struggle to qualify Ethereum as a value, which is why it has been carrying out investigations and processes in recent months, although it has not spoken openly about the rating that would apply to the digital currency.

Despite the apparent refusal of the SEC, Balchunas theorizes that the agency’s change of direction could be associated with purely political issues. Keep in mind that the US will see presidential elections at the end of the year, and analysts believe that a more pro-crypto perspective from the current government could tip the balance a little more in its favor in the face of general appreciation.

Although there are still a few days left to see official verdicts, the current situation has generated very positive feelings in both the Ethereum as in that of the main digital currencies. At the time of editing ETH It is quoted at about USD $3,732 per unit, a figure that implies an increase of 18.6% in the last 24 hours.

Regarding the ETF Ethereum proposed by Grayscale, This should receive an official verdict on June 23.

Article by Angel Di Matteo / DailyBitcoin

Picture of Unsplash, edited with canva

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