Ethereum ETFs: Confusion Reigns as SEC Approves 19b-4 Applications

Ethereum ETFs: Confusion Reigns as SEC Approves 19b-4 Applications

The cryptocurrency market is in a state of confusion as the US Securities and Exchange Commission (SEC) has approved 19b-4 applications for Ethereum Spot ETFs, but not the more critical S-1 applications. This bureaucratic nuance has sparked debate on Polymarket, a platform that allows users to bet on various events.

The controversy began when a report emerged claiming that the SEC had approved the ETFs. However, some commentators on the 13-million-dollar bet disputed this, pointing out that the SEC had only approved the 19b-4 applications, which are essentially intent-to-list statements from the NYSE. The S-1 applications, which are crucial for granting trading permission, have not been approved.

This distinction is significant, as the 19b-4 applications do not necessarily imply that the ETFs are approved for trading. The S-1 applications are the key to unlocking trading permission.

As a result, the Ethereum market has reacted negatively, with the price of Ethereum falling by around 6% to $3,700. The lack of clarity has led to a disappointing trading day for the cryptocurrency market.

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