According to a reliable source, the U.S. Securities and Exchange Commission (SEC) has requested minor changes to the important 19b-4 forms submitted by issuers seeking approval for spot Ethereum exchange-traded funds (ETFs). The updates, described as relatively light, were confirmed by a high-ranking member at one of the issuers.

While the exact timeline for approval remains uncertain, the source expressed optimism, considering the SEC's request for updates as a positive sign. They noted that it would be unusual for the SEC to request updates if there were plans to reject the forms later, although they acknowledged the unpredictability of the current market conditions.

Recent reports from the Wall Street Journal and CoinDesk highlighted the SEC's request for issuers to update their 19b-4 forms ahead of pending final deadlines for some applicants. This development followed comments from Bloomberg ETF analyst Eric Balchunas, who suggested a potential change in the SEC's stance regarding ETF approvals.

Balchunas further indicated that the updated 19b-4 forms were expected to be returned to the SEC by a specific time, with a possibility of approval as early as May 22.

For prospective Ethereum ETFs to become operational, the SEC must approve the 19b-4 forms, followed by the effectiveness of the S-1 registration statements. While there is no definitive timeline for the latter, historical precedent suggests that the S-1 statements could become effective shortly after the approval of the 19b-4 forms.

In a related update, Fidelity has also revised its S-1 registration statement today, removing staking rewards from its fund and making several minor linguistic adjustments. These updates align with the ongoing regulatory developments surrounding Ethereum ETFs and reflect issuers' efforts to comply with regulatory requirements and market dynamics.