On Tuesday morning, VanEck submitted an 8-A form in pursuit of obtaining approval for their Ethereum (ETH) ETF, as per a recent filing with the SEC.
VanEck Files Latest Form For Spot ETH Approval
If approved, the 8-A form would enable clients of the investment management firm to trade exchange products once spot ETH approval is granted.
Eric Balchunas, a senior ETF analyst at Bloomberg, noted in a June 25 post that while the filing is a procedural step, it could indicate a potential timeline for the SEC’s approval. Balchunas pointed out that VanEck filed the same form “exactly 7 days before” the launch of spot Bitcoin ETFs in January. “Good sign for our July 2nd over/under (7 days from now),” he stated. “But again, anything possible. Sure we’ll hear more soon.”
SEC Chair Gary Gensler Sets Timeline For ETH ETFs
The news of VanEck’s filing comes just a day after CEO James van Eck shared a photo on X featuring SEC Chair Gary Gensler with the caption: “Guess where I’m starting my week?”
Following the approval of spot Bitcoin ETFs in January, Gensler emphasized that this decision “should not be taken as an indication of the Commission’s readiness to approve listing standards for crypto asset securities,” sparking speculation within the crypto community about spot ETH ETFs.
During Senate testimony earlier this month, Gensler hinted that spot ETH ETFs would likely receive approval “at some point this summer.”
The federal regulator, which has typically employed a regulation-by-enforcement approach to the digital asset sector, has been inundated with registration filings from hopefuls seeking spot ETH ETF approval in recent months.
Last month, the SEC formally greenlit several candidates’ rule 19b-4 forms, certifying the listing and sale of ETH ETFs.
Full approval will only be granted once the government agency gives the go-ahead for an initial registration form known as the S-1 form.
Is Growing U.S. Political Pressure Shifting Emerging Crypto Regulations?
In a recent interview with Rachel Wolfson of CryptoNews, James Seyffart, another ETF analyst at Bloomberg, characterized the SEC’s imminent approval of spot ETH ETFs as a “purely political decision,” citing escalating political considerations in the lead-up to the November 2024 U.S. presidential election.
President Joe Biden has been under mounting pressure to adopt a more favorable stance towards digital assets, as failing to do so could alienate a crucial demographic that might influence the election outcome in his favor.
“We see this as a complete reversal by the SEC,” Seyffart remarked.
However, the timeline for the approval of spot ETH ETFs remains uncertain at present.
