So-called 19b-4 documents are filed by exchanges (e.g., the New York Stock Exchange or NASDAQ) to inform the SEC of a proposed rule change. These filings are required to list a new type of ETF. Issuers were asked to amend their 19b-4s around May 20, during which most of the issuers removed provisions for staking. The SEC approved amended versions of these from eight issuers – VanEck, 21Shares, Grayscale, Fidelity, Invesco, iShares, Franklin and Bitwise – soon afterward, on May 23. (Later, ProShares also threw their hat into the ring.) While this means that the SEC will likely approve spot ether ETFs, we are still waiting on official approval for S-1s (registration statements) before these ETFs start trading. Spot ether ETF issuers have been filing amended S-1s in response to SEC comments – often a good sign that talks are progressing. Final approval will likely be within 90 days of the initial 19b-4 approvals, which means it could be sometime this summer (and likely sooner than later).