Exciting Week Ahead for Ethereum ETF Approval
As a crypto enthusiast, you are eagerly anticipating the upcoming decisions from the SEC regarding the first spot Ethereum ETF applications from VanEck and Ark 21Shares. These decisions will set the tone for other issuers waiting for approval, including Hashdex, Grayscale, Invesco Galaxy, BlackRock, and Fidelity.
Concerns Over Approval Odds
ETF Store President Nate Geraci recently expressed concerns about the approval process. He highlighted the need for the SEC to approve both the 19b-4s (exchange rule changes) and the S-1s (registration statements) for ETFs to launch successfully.
- Geraci mentioned the possibility of the SEC approving the 19b-4s first and delaying the S-1s.
- Notably, a 19b-4 is a filing submitted by national securities exchanges to the SEC for rule changes, while an S-1 is an initial registration form for new securities.
Insights on SEC Decision Tactics
Industry observers have speculated that the SEC might use delay tactics to further evaluate the market conditions or the structure of these ETFs without outright denial. This strategy could involve approving rule changes first and then assessing registration statements later.
Key Commissioners and Their Roles
With five SEC Commissioners set to vote on the spot Ethereum ETF applications, all eyes are on their decisions. Notable figures include crypto-friendly Commissioners Hester Pierce and Mark Uyeda, alongside anti-crypto voices Caroline Crenshaw and Jaime Lizárraga.
- The pivotal role in the decision-making process could lie with Gary Gensler, who previously voted in favor of approving spot Bitcoin ETFs.
Potential Impact on ETH Price
If the SEC approves the VanEck ETF on Wednesday, you could expect a short-term price pump for Ethereum. However, the prevailing sentiment suggests a likely rejection from the SEC.
- Analysts believe that even if the ETFs are rejected this week, Ethereum’s bottom could already be in, and approval may come in due time.
Analysts’ Views on Price Movement
The crypto community is divided on the potential price movement in response to the SEC’s decision. While some analysts anticipate a bearish rejection, others believe that such a scenario is already factored into the current market prices.
- However, a surprise approval could trigger a sudden uptick in ETH prices, potentially pushing it past the resistance level of $3,500.
Hot Take: Brace Yourself for Ethereum ETF Decision Impact 🚀
As you eagerly await the SEC’s decisions on the spot Ethereum ETFs, keep a close watch on the developments and their potential impact on Ethereum’s price. Whether approval or rejection, these decisions will undoubtedly influence the crypto market in the days to come.
Sources:
1. [Nate Geraci on Twitter](https://twitter.com/NateGeraci/status/1792330334169903568?ref_src=twsrc%5Etfw)
2. [Gronky on Twitter](https://x.com/QeYcc/status/1792333564454846509)
3. [Dippy.eth on Twitter](https://twitter.com/dippy_eth/status/1792300699872567605?ref_src=twsrc%5Etfw)
4. [Mister Crypto on X](https://x.com/misterrcrypto/status/1792223941634691283)
5. [Matthew Hyland on X](https://x.com/MatthewHyland_/status/1791491477559779474)
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