- SEC asks exchanges to replace their 19b-4 filings amidst Ethereum ETF approval considerations.
- SEC’s Ethereum classification questions complicate ETF approval prospects.
As anticipation builds for the approval of the Ethereum [ETH] Change Traded Fund (ETF), regulators have initiated new hurdles within the path ahead.
The US Securities and Change Fee (SEC) has issued a directive for varied exchanges to swiftly replace their 19b-4 filings.
SEC Kind 19b-4 filings are utilized by securities exchanges to suggest adjustments to their guidelines.
These filings are submitted to the SEC for approval to make sure that any rule adjustments defend traders and keep honest and environment friendly markets.
Nate Geraci, President of The ETF Retailer, highlighted,
![Nate Geraci's tweet on ETH ETF](https://ambcrypto.com/wp-content/uploads/2024/05/Nate-Geracis-tweet.webp)
![Nate Geraci's tweet on ETH ETF](https://ambcrypto.com/wp-content/uploads/2024/05/Nate-Geracis-tweet.webp)
Supply: Nate Geraci/X
Constructive sentiments persist
This isn’t the primary time the SEC has scrutinized Ethereum. Just lately, the SEC’s questioning of Ethereum’s classification as a safety has sparked vital hypothesis concerning the extent of the company’s authority.
To which, Joe Lubin, CEO of Consensys, on a current version of “Bankless” had claimed,
“The U.S. is making an attempt to disconnect from Ethereum.”
Becoming a member of an analogous line of ideas, Laura Brookover, Senior Counsel at Consensys, in a separate episode of “Unchained,” claimed,
“If Chair Gensler will get away with misclassifying Ether as a safety it’s actually catastrophic in the USA.”
Regardless of the chances, social media is buzzing with optimism concerning the potential approval of the ETH ETF. Anthony Pompliano, put it finest when he mentioned,
“In the event that they approve the Ethereum ETF, they’re approving your entire business. That is the final dam to be damaged.”
Lingering doubts
Nevertheless, knowledge from CoinShares painted a very totally different image.
In accordance with AMBCrypto’s have a look at knowledge by CoinShares, Ethereum was nonetheless experiencing bearish sentiment concerning the potential SEC approval of a spot-based ETF this week.
In consequence, outflows for the week amounted to $23 million.
![CoinShares ETH data](https://ambcrypto.com/wp-content/uploads/2024/05/CoinShares-ETH-data.webp)
![CoinShares ETH data](https://ambcrypto.com/wp-content/uploads/2024/05/CoinShares-ETH-data.webp)
Supply: CoinShares