The journey toward the approval of Ethereum ETFs for trading is well underway, with recent developments focusing on the submission of S-1 forms following the approval of 19b-4 forms on May 23.

Typically, the final step before trading can commence is the effective status of the S-1 forms.

However, due to a sudden change in direction from the Securities and Exchange Commission (SEC), issuers were not prepared with their S-1 filings in advance. Despite this, progress is now being made as the process moves forward.

According to sources familiar with the situation, the SEC requested issuers to submit draft S-1 filings by a deadline of last Friday.

Subsequently, the SEC will provide initial comments, leading to further amendments in the process.

Following the approval of the ETFs, VanEck acted swiftly, submitting an amended version of its S-1 form on the same day.

BlackRock continued this trend, announcing on May 30 that its ETF would be seeded with $10 million.

While details of the seed investments are relatively straightforward for issuers to include, sources suggest that other aspects of the S-1 forms may require more time for resolution.

Expectations indicate that the forms will undergo at least two more rounds of draft filings before reaching readiness.

Analysts foresee a timeline of a few weeks to potentially a few months for the completion of the S-1 forms, depending on the pace of the process. Some traders, however, view the delay as potentially beneficial.