The race for america’ first spot Ethereum exchange-traded fund has formally begun after new 19b-4 filings by the Chicago Board Choices Trade (CBOE), which is able to “in the end begin the clock” for an SEC choice.  

On Sept. 6, the CBOE filed two 19b-4 functions to america securities regulator, requesting for the ARK 21Shares Ethereum ETF and VanEck Ethereum ETF funding merchandise to be listed on CBOE’s BZX Trade.

In a sequence of tweets, Bloomberg ETF analyst James Seyffart famous that versus the previously submitted S-1 filings, the 19b-4 filings imply that the countdown for a choice by the SEC is now in movement.

“The Spot #Ethereum ETF Race is formally on,” Seyffart declared, estimating a ultimate deadline round Might 23, 2024.

A 19b-4 kind is filed by self-regulatory organizations — similar to a inventory change — to request a rule change to the U.S. Securities and Trade Fee, whereas an S-1 submitting solely signifies a agency’s intention to record a selected funding product on a nationwide change.

The securities regulator is now obligated to overview the 19b-4 filings and decide, although the SEC can even delay the choice because it has for spot Bitcoin ETFs. 

ARK Invest and 21Shares teamed up to file an S-1 to the SEC on Sept. 6, although VanEck’s S-1 submitting dates again to July 2021.

In the meantime, Seyffart expects extra spot Ethereum ETF filings to come back within the coming days.

Associated: Ether ETFs pending — Grayscale, VanEck and others file SEC applications

On Aug. 17, the securities regulator reportedly signaling its intention to approve Ethereum Futures investment products whereas a number of companies together with Grayscale Investments and BlackRock are presently preventing to get a spot Bitcoin ETF accredited.

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