Fidelity Updates Spot Ethereum ETF Application, SEC Review Looms: What Next?

Fidelity, a heavyweight in asset management, has made waves by updating its S-1 application for the Spot Ethereum ETF. This has stirred chatter in investment circles, especially following the SEC’s call for Ether ETF issuers to tweak their 19b-4 filings.

Here’s what crypto enthusiasts need to know.

Fidelity Updates S-1 Form

Fidelity, one of the world’s leading asset management firms, has recently filed an amended S-1 application with the United States Securities and Exchange Commission (SEC) for its spot Ethereum (ETH) exchange-traded fund (ETF). 

Fidelity’s updated application makes it clear: the underlying Ether tokens for the proposed ETF won’t be staked. Such filings are crucial, serving as the launchpad for publicly traded securities products in the U.S., as per SEC rules.

This filing follows recent reports suggesting a shift in the SEC’s stance on spot Ethereum ETFs. As per Coinpedia’s earlier reports, the SEC has asked ETF issuers to update their 19b-4 filings, possibly in response to political pressure.

What Lies Ahead?

The next significant deadline for the SEC is the review of VanEck’s Ether ETF proposal on May 23. Notably, senior Bloomberg ETF analyst Eric Balchunas has raised the likelihood of approval from 25% to 75%, specifically for the 19b-4 form. However, obtaining SEC approval for the S-1 filings is also necessary for the ETFs to launch. 

History in the making!

The SEC’s stance on cryptocurrency ETFs has been a crucial topic of discussion. Although several Bitcoin ETFs have been approved, the approval of Ethereum ETFs would represent a significant milestone. 

Fidelity’s updated application highlights major financial players’ efforts to bring these products to market, signaling optimism for regulatory acceptance. As the SEC scrutinizes Fidelity’s adjusted S-1 application, the financial world eagerly awaits the outcome.

Also Check Out: BlackRock’s Secret Influence: SEC Rushes Ethereum ETF Filings – Is a Spot ETH ETF Imminent?

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