VanEck Submits 8-A Form Anticipating Approval for Ethereum-Based ETF
**Julia Smith**
_Last updated: June 25, 2024, 17:24 EDT | 2 min read_
VanEck has taken a significant step towards the launch of an Ethereum (ETH) ETF by filing an 8-A form with the SEC on Tuesday morning. This move is seen as a precursor to the potential approval of their proposed spot Ethereum ETF.
**VanEck Advances with 8-A Filing for Ethereum ETF**
The approval of the 8-A form would enable VanEck’s clientele to engage in trading activities tied to the spot price of Ethereum upon the ETF’s authorization.
Eric Balchunas, a Senior ETF Analyst at Bloomberg, remarked on June 25th that the filing, while procedural, hints at a possible approval schedule by the SEC. He noted that VanEck’s previous filing for a Bitcoin ETF occurred precisely one week prior to its introduction in January.
“Looks promising for the July 2nd prediction,” Balchunas commented. “Still, it’s all up in the air. Expect more updates shortly.”
**SEC’s Gensler Outlines Prospects for Ethereum ETFs**
The announcement of VanEck’s filing emerged shortly after CEO James van Eck shared an image on social media, featuring SEC Chair Gary Gensler, with the suggestive caption: “Starting my week here, guess where?”
Following the green light for Bitcoin ETFs earlier this year, Gensler cautioned that it shouldn’t be interpreted as the SEC’s readiness to sanction crypto asset securities. This statement, however, fueled speculation within the cryptocurrency community regarding Ethereum ETFs.
In a recent Senate hearing, Gensler suggested that the approval of Ethereum ETFs could be expected “sometime this summer.”
The SEC, known for its stringent regulatory stance on digital assets, has been inundated with filings from entities eager to establish Ethereum ETFs. Last month, the SEC gave its nod to several rule 19b-4 applications, paving the way for the listing and trading of Ethereum ETFs. The final go-ahead hinges on the SEC’s approval of the S-1 registration form.
**Political Dynamics Influencing Crypto Regulation?**
James Seyffart, another Bloomberg ETF analyst, described the SEC’s impending approval of Ethereum ETFs as a “purely political move” in light of the upcoming U.S. presidential election in November 2024. He suggested that President Joe Biden is under pressure to adopt a more favorable stance on digital currencies to retain a crucial voter base.
“It’s a complete turnaround by the SEC,” Seyffart observed.
The definitive approval of Ethereum ETFs remains uncertain, with the political climate playing a potentially influential role.
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