VanEck Files 8-A Form For Spot Ethereum ETF

VanEck filed for an 8-A form Tuesday morning in hopes of successfully securing their spot Ethereum (ETH) ETF approval, according to a new filing with the SEC.

VanEck Files Latest Form For Spot ETH Approval

If approved, the 8-A form would grant the investment management firm’s clients the ability to trade products on the exchange following spot ETH approval.

VanEck just filed 8-A form for spot Eth, which is just part of process, but.. should be noted that they filed their 8-A for spot bitcoin exactly 7 days before launch. Good sign for our July 2nd over/under (7 days from now). But again, anything poss. Sure we'll hear more soon.. https://t.co/2BlkDnWhrz

— Eric Balchunas (@EricBalchunas) June 25, 2024

Senior Bloomberg ETF Analyst Eric Balchunas said in a June 25 X post that while the filing is “just a part of the process,” it could signal a potential timeline for the SEC’s actual approval date as VanEck filed the same form “exactly 7 days before” the launch of spot Bitcoin ETFs in January.

“Good sign for our July 2nd over/under (7 days from now),” Balchunas stated. “But again, anything poss. Sure we’ll hear more soon.”

SEC Chair Gary Gensler Sets Timeline For ETH ETFs

News of the VanEck filing comes just one day after the company’s CEO James van Eck posted a photo to X prominently featuring a photo of SEC Chair Gary Gensler with the caption: “Guess where I’m starting my week?”

Guess where I’m starting my week? pic.twitter.com/Wxch18E41W

— Jan van Eck (@JanvanEck3) June 24, 2024

In a statement following the approval of spot Bitcoin ETFs in January, Gensler claimed the decision “should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities,” prompting spot ETH ETF speculation by the crypto community at large.

In Senate testimony earlier this month, however, Gensler indicated that spot ETH ETFs would most likely be approved “sometime over the course of this summer.”

The federal regulator, long known for its regulation-by-enforcement approach to the digital asset sector, has been encumbered with registration filings by spot ETH ETF hopefuls in recent months.

Last month, the SEC formally approved several candidates’ rule 19b-4 forms certifying the listing and sale of ETH ETFs.

True passage will only happen once the government agency greenlights an initial registration form known as the S-1 form.

Is Growing U.S. Political Pressure Shifting Emerging Crypto Regulations?

In a recent interview with CryptoNews’ Rachel Wolfson, fellow Bloomberg ETF analyst James Seyffart called the SEC’s near approval of spot ETH ETFs a “complete political decision” amid growing political ahead of the November 2024 U.S. presidential election.Current U.S. President Joe Biden has faced increasing pressure to lighten his stance towards digital assets or else risk losing a key demographic that could potentially swing the election in his favor.

“We think it was a complete 180 from the SEC,” Seyffart said.

However, whether or not spot ETH ETFs are approved sooner rather than later is currently unclear.