Ethereum ETF Approval: SEC Commissioner Believes It Will Be Easier
SEC Commissioner Hester Peirce, also known as “Crypto mom,” recently spoke about the regulation of cryptocurrency in an interview. When asked if Ethereum ETF filers would face the same court battles as Grayscale did before approval, Peirce stated that the SEC has learned from its past mistakes and will not repeat them. She believes that the agency’s approach will be more consistent and predictable this time.
Previously, the SEC had rejected multiple applications for spot Bitcoin ETFs, including Grayscale’s. However, Grayscale challenged the SEC’s decision in court and emerged victorious. The court ruled in favor of Grayscale and mandated the regulator to reconsider its decision. As a result, the SEC recently approved eleven spot Bitcoin ETF applications.
Impact of Ethereum Spot ETF
The focus now shifts to Ethereum ETFs, and the SEC is taking its time to make a decision. The regulator recently granted a 45-day extension for the Grayscale Ethereum Trust’s ETF, with a decision expected within the next two days. The Hashdex Nasdaq Ethereum ETF, which plans to include spot Ethereum and futures contracts in its portfolio, also had its decision postponed.
Fidelity Spot Ethereum ETF received a similar 45-day extension, pushing its decision date to March 5, 2024. As the market eagerly awaits the SEC’s verdict, some forecasts suggest that ETH could reach $4,800 if approval is granted.
Hot Take: Will Ethereum ETF Approval Mirror Bitcoin’s Impact?
While there is no guarantee that an approved Ethereum ETF will have the same impact as Bitcoin’s ETFs, there are high hopes for approval. Considering how Bitcoin prices soared after the launch of spot Bitcoin ETFs, it is possible that Ethereum could experience a similar surge in value if an ETF is approved. Investors and the crypto community eagerly anticipate the SEC’s decision, which could have significant implications for the future of Ethereum.
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