Odaily News According to The Block, the U.S. Securities and Exchange Commission approved the 19b-4 forms for multiple Ethereum spot ETFs today, including those from BlackRock, Fidelity, and Grayscale. Although the form has been approved, ETF issuers need to make the S-1 registration statement effective before they can start trading. The SEC has just begun discussing the S-1 form with issuers. It is unclear how long this process will take, but some analysts speculate that it may take weeks.