PANews reported on May 24 that the U.S. Securities and Exchange Commission (SEC) has officially approved the 19b-4 forms for eight spot Ethereum ETFs, with issuers including BlackRock, Fidelity, and Grayscale. Although the forms have been approved, ETF issuers need to wait for the S-1 registration statement to become effective before they can start trading. The SEC has just begun discussions with issuers regarding the S-1 forms, and it is currently unclear how long this process will take, but some analysts speculate it could take several weeks.

Jeffery Ding, Chief Analyst at HashKey Group, believes that Ethereum is following the successful path of Bitcoin ETFs and has a promising future. More attractively, spot Ethereum ETFs are expected to incorporate staking mechanisms, becoming yield-generating assets. In the mid-term, the market size of spot Ethereum ETFs is expected to reach 75% of that of spot Bitcoin ETFs.

Additionally, Jeffery Ding believes that if the "21st Century Financial Innovation and Technology Act" (FIT21) is passed, it will transfer the regulatory authority of digital currencies from the SEC to the Commodity Futures Trading Commission (CFTC). Since the CFTC has a more favorable attitude towards cryptocurrencies, other cryptocurrencies might also apply to become spot ETFs in the future, leading the crypto industry towards mainstream adoption.

Before the approval of the 19B-4 forms for the eight spot Ethereum ETFs, several applicants, including Grayscale, had removed staking language from their revised applications. However, it was reported yesterday that the Hong Kong Securities and Futures Commission is in discussions to allow Ethereum ETF issuers to engage in staking.