Grayscale Investments, the asset management company, has updated its application for the Ethereum ETF with the Securities and Exchange Commission (SEC).
In a recent post on X by Craig Salm, the legal director of Grayscale, the asset management company has amended its Form 19b-4 for an Ethereum ETF.
Salm stated that this move is important in the effort for Grayscale to list and trade shares of the Ether Trust on the New York Stock Exchange (NYSE) Arca.
The legal director stated in his post that investors want and deserve access to Ethereum through an exchange-traded product, similar to Bitcoin. Salm said:
This asset management company is one of many companies seeking to launch the first Ethereum ETF in the United States. They filed an application with the SEC on October 10, 2023.
However, these ETF applications have faced several delays, most recently against the BlackRock filing on March 4, 2024. Therefore, the likelihood of SEC approval for an Ethereum ETF has significantly diminished in recent weeks.
SEC Chairman faces pressure over cryptocurrency approvals
Two US Democratic senators, Senator Laphonza Butler of California and Jack Reed of Rhode Island, have called on the SEC Chairman to refrain from approving cryptocurrency investment products.
In a letter dated March 11, the legislators, who are also members of the Senate Banking Committee, requested the SEC to limit future cryptocurrency ETFs.
Following the approval of 11 Bitcoin ETFs in January, the attention of the cryptocurrency community somewhat shifted to whether the SEC would do the same for Ethereum. However, this latest Senate letter appears to further diminish the chances of an approved ETH ETF.
