Rumors of Ethereum Spot ETF Were True | Five Companies Submit "Revised Documents"

The anticipation for an Ethereum Spot ETF in the U.S. is rising as five companies, including Fidelity and VanEck, submit revised application documents to the SEC.

This move, amidst the upcoming presidential election, could significantly impact the cryptocurrency market and the political landscape. Discover the details and potential outcomes in our latest update.

Fidelity, VanEck, and Others Submit Revised Documents

Five companies, including Fidelity and VanEck, planning to offer an Ethereum Spot ETF in the United States, have submitted revised "Form 19b-4" listing application documents in response to a request from the U.S. Securities and Exchange Commission (SEC).

Recently, it was reported that the SEC unexpectedly requested updates to the ETF application documents, leading some to predict that the SEC might reverse its previous stance and approve the Ethereum Spot ETF.

According to Bloomberg ETF analyst James Seyffart, at least the following five companies submitted revised documents to the SEC on the 21st, confirming the accuracy of recent rumors and information:

• Fidelity
• VanEck
• Invesco/Galaxy
• Ark/21Shares
• Franklin

However, to officially launch the Ethereum Spot ETF, both the "Form 19b-4" and the "Form S-1" must be approved, which means it may take several weeks or more before the official launch.

Staking References Removed in Revised Documents

In a series of posts on X, James Seyffart reported that the only significant change in the revised documents was the removal of references to staking.

The revised documents now include clear language stating that "the fund's ETH cannot be staked by anyone," which was expected, and no other notable changes were reported.

Although it is still unclear whether the Ethereum Spot ETF will be approved, James Seyffart and Eric Balchunas recently raised their estimated approval probability from 25% to 75%.

Increased Expectations for ETF Approval Amid Upcoming Presidential Election

One of the factors driving high expectations for the ETF approval is the upcoming U.S. presidential election in November 2024.

If the Ethereum Spot ETF is not approved, it could reinforce the perception that the Biden administration is negative towards cryptocurrency, potentially giving Trump an advantage in the next presidential election.

Donald Trump has previously stated, "If you support cryptocurrency, you should vote for Trump," and on the 21st, the Trump campaign announced that it had begun accepting political donations in cryptocurrency.

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