To approve, or not to approve?

That is likely the question going through regulators’ heads at the Securities and Exchange Commission right now as they deal with a flurry of updated filings for a spot Ethereum exchange-traded fund (ETF) in the United States.

There's a long list of top asset managers that have filed paperwork with the top Wall Street financial watchdog to release an Ethereum ETF. Now, they're amending their filings as the deadline fast approaches: The SEC is expected to give a decision on the filings Thursday.

Over the past day, BlackRock, Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, Grayscale, and Franklin Templeton have all submitted amended 19b-4 forms with the regulator. A 19b-4 form is used to inform the SEC of a rule change in a filing. 

Nine fund managers in total are hoping to drop an Ethereum ETF in the United States. Crypto fund manager Grayscale is aiming to get approval for both a trust and mini trust—a fund that would have lower fees for shareholders. 

In short, the flurry of filings shows that the fund managers are doing what is needed to get the green light from the regulator. 

An Ethereum ETF would give investors exposure to ETH, the second biggest digital coin by market cap, via shares that trade on a stock exchange. 

Wall Street’s biggest regulator had been slow to give a response to the applicants and has pushed back decision deadlines. Analysts from the likes of Bloomberg and CoinShares said that such crypto funds would not get the green light by the May deadline. 

But this week, things changed—allegedly due to political influence—and rumors swirled that the regulator was going to say yes to the proposed products. The price of ETH rocketed upwards as a result. It’s now trading for $3,737 after rising 26% in the past seven days, according to CoinGecko. 

Edited by Andrew Hayward