They are not yet cleared to trade, though. The SEC gave its blessing to so-called 19b-4 forms tied to the ETFs, but the regulator must approve their S-1 filings before investors can buy them.
"A week ago, I would've said you were a little crazy to think that these ETFs were going to get SEC approval," James Seyffart, ETF analyst at Bloomberg Intelligence, said in an interview ahead of the decision."At Grayscale, we appreciate the opportunity to engage constructively with regulators as they review spot Ethereum ETFs, and we remain optimistic about the potential of bringing Ethereum further into the US regulatory perimeter in the ETF wrapper," they said.
Although the approval of the 19b-4 filings suggests that regulators are willing to allow issuers to bring a spot ether ETF on the market, it doesn't guarantee that they will ultimately approve the final S-1 forms filed by all issuers. Regulators sent a shock wave through the industry on Monday when reports came out that issuers were asked to update their 19b-4 filings ahead of the SEC's deadline to approve or deny one of the issuers, VanEck’s filing.In a statement, 21Shares Head of Legal Andrew Jacobson said the approval was"a significant step in the right direction."
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