Note that there are two forms that need to be approved.
The 19b-4 rules form change and the S-1, which is the individual listings.
They have done the former here.
It only took 4 days between the 19b-4 approval and S-1 approval for BTC but you should expect it to be weeks for the S-1 forms.
So the SEC has not yet approved spot Ethereum ETF's. They could ban S-1's base don staking or based on not being able to declare they wouldn't hold any tornado cash based coins, etc.
What's most interesting about t his is the about face the SEC did about 3 days ago.
Up until then ETHE traded at a 30% NAV discount and then suddenly snapped to about a 6% NAV discount early this week. Its rumored that this was as a result of a policy change in the white house and the delay in releasing this document today was due to the speed in which the SEC "changed their mind" and they needed a bit more time to write an approval for the rule change amendment.
Expect Staking to be disallowed as a concession for atleast the initial wave of ETF approvals. Also expect the SEC to allow ETHE to convert and the other ETF applications to all happen on the same day like they did with the BTC ETF's.
Such a dumb move for the eth ecosystem. Contrary to BTC, concentration of tokens inside one institution is a direct threat to their project. Why the hell would they want an ETF?
Note that there are two forms that need to be approved.
The 19b-4 rules form change and the S-1, which is the individual listings.
They have done the former here.
It only took 4 days between the 19b-4 approval and S-1 approval for BTC but you should expect it to be weeks for the S-1 forms.
So the SEC has not yet approved spot Ethereum ETF's. They could ban S-1's base don staking or based on not being able to declare they wouldn't hold any tornado cash based coins, etc.
What's most interesting about t his is the about face the SEC did about 3 days ago.
Up until then ETHE traded at a 30% NAV discount and then suddenly snapped to about a 6% NAV discount early this week. Its rumored that this was as a result of a policy change in the white house and the delay in releasing this document today was due to the speed in which the SEC "changed their mind" and they needed a bit more time to write an approval for the rule change amendment.
Expect Staking to be disallowed as a concession for atleast the initial wave of ETF approvals. Also expect the SEC to allow ETHE to convert and the other ETF applications to all happen on the same day like they did with the BTC ETF's.