Five applicants have submitted their 19b-4 forms to the U.S. Securities and Exchange Commission (SEC) for Ethereum (ETH) spot ETFs. Bloomberg Intelligence analyst James Seyffart revealed that Fidelity, VanEck, Invesco/Galaxy, Ark Invest, and Franklin Templeton managed to submit their Amended 19b-4 forms just within 25 minutes of the deadline.
These forms are crucial in notifying the SEC about any proposed rule changes. The ETF applicants decided to remove ETH staking from their investment products using the 19b-4 forms. It was expected that both the issuer and the user would not be able to engage in any Ethereum staking activities directly or indirectly with the ETF.
Alex Thorn, the Head of Firmwide Research at Galaxy Digital, expressed concerns on May 21 that the SEC might consider staked ETH as a security to approve the ETFs. Despite the submission of the 19b-4 forms, Seyffart mentioned that the chances of ETH ETF approval are still at the 75% mark.
The Bloomberg Intelligence analyst suggested that it might take “weeks or more” before the spot ETH ETFs are launched in the U.S. Analysts at the Singapore-based trading firm QCP Capital believe that once spot Ethereum ETFs are approved, the asset’s price could surpass the $5,000 mark.
In other news, Uniswap made it clear to the SEC that they are prepared to litigate and confident of winning if necessary.