The United States Securities and Exchange Commission (SEC) is aiming to approve spot Ethereum ETFs by May 23rd, according to a report from Standard Chartered Bank. The bank’s head of forex and digital assets research, Geoffrey Kendrick, predicts that approval for spot Ethereum ETFs will come sooner rather than later. Kendrick believes that if Ethereum prices perform similarly to Bitcoin prices leading up to the approval of Bitcoin ETFs, Ethereum could reach as high as $4,000 by May.
However, there are conflicting reports regarding the approval timeline. TD Cowen, a New York-based investment bank, suggests that SEC approval of spot Ethereum ETFs may be delayed until 2025 or 2026 due to the political climate in the US. Despite this, Standard Chartered Bank joins other financial firms and ETF analysts in expecting a May 23rd approval date.
Experts view the potential approval of spot Ethereum ETFs as a positive sign following the SEC’s recent decision to approve spot Bitcoin ETFs. The approval of Bitcoin ETFs caused the price of Bitcoin to rise above $49,000 before experiencing a sell-off. Additionally, the recent unloading of GBTC by FTX led to a market downturn. However, many analysts remain hopeful about what this could mean for spot Ethereum ETFs.
In conclusion, there is optimism surrounding the potential approval of spot Ethereum ETFs on May 23rd. The market will be closely watching for any updates from the SEC regarding these ETFs.
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