Indeed, according to sources representing cryptocurrency, the US Securities and Exchange Commission (SEC) is now in interactions with those who are interested in filing registration statements for S-1s on Ethereum ETFs. One issuer head said the agency seems a bit overwhelmed by the rapid changes in tone at the top, and these are critical conversations in the early going.

“After all the procedural requirements, the SEC has already processed together the 19b-4 forms of the Bitcoin ETFs and is now facing a critical decision deadline for the 19b-4 form of the VanEck Ethereum ETF. The VanEck Ethereum ETF today is pegged to receive its pivotal decision, and with that, optimism is high among market watchers including Bloomberg.

However, despite the possible approvals closer at hand, the effectiveness of the S-1 forms needed for the actual start of ETF trading could still be delayed. More amendments and re-filing are expected, so the public Athena could possibly wait in a few years more before Ethereum can be welcomed to standard trading platforms.

The Block

$1M – $10M MarketCap:

1. Privapp Network (BPRIVA): 26%
2. Patex (PATEX): 18%
3. Gorilla (GORILLA): 17%
4. VinuChain (VC): 8.1%
5. NADA Protocol Token (NADA): 7.1%

$10M – $100M MarketCap:

1. Non-Playable Coin (NPC): 54%
2. Minativerse (MNTC): 34%
3. L7 DEX (LSD): 32%
4. catwifhat ($CWIF): 31%
5. Klima DAO (KLIMA): 27%

$100M – $1B MarketCap:

1. CorgiAI (CORGIAI): 62%
2. MANEKI (MANEKI): 33%
3. Open Campus (EDU): 25%
4. SmarDex (SDEX): 21%
5. BinaryX (BNX): 21%

Disclaimer: Market capitalizations can vary in real-time. The information provided here is intended purely for educational purposes and should not, under any circumstances, be construed as financial advice.

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According to Bloomberg analyst James Seyffart, the approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission is expected to pave the way for a similar product for Solana. Solana could get such a spot ETF in a few years, if Seyffart’s expectations come true based on all the success that Ether and a few others are able to accomplish here within the given scope and time frame. This will all be made possible by the kind of legislation that, for example, the forthcoming FIT21, the Financial Innovation and Technology for the 21st Century Act, will make possible, that is going to try and iron out a slightly firmer regulatory environment for cryptocurrencies and hopefully get the approval process and compliance up to levels for the current fit of ETFs currently on the market.

Next steps by the regulator for a spot Ethereum ETF application by VanEck, which is due on May 23, will set a key landmark for the future approval of ETFs for other altcoins, other than Solana. Identical ETFs could then be invested in on an approval of an Ethereum ETF to the hundreds of millions of dollars and then, naturally, follow-on investments in Solana will be massive. Yet, the chair of the SEC, Gary Gensler, and the administration of Joe Biden, sound anything like being in a rush to wind up an SEC.

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