Insight into the Approval of Ethereum Spot ETFs by Grayscale’s Chief Legal Officer
Grayscale’s Chief Legal Officer, Craig Salm, recently shared his confident view on the approval of Ethereum spot ETFs, despite the uncertainties surrounding the SEC’s commitment. Salm believes that the case for approving these ETFs is strong, drawing parallels with the successful approval of Bitcoin spot ETFs in January 2024.
Factors Driving Optimism at Grayscale
Salm cites several factors that support his optimism about the approval of Ethereum spot ETFs:
- Consistency with ETH futures ETFs
- Regulation of ETH futures as commodity futures
- High correlation between futures and spot
He emphasizes that investors deserve access to Ethereum through an Exchange-Traded Fund spot, similar to Bitcoin. Grayscale’s recent submission of an amended form for an ETF on Ethereum spot reflects their commitment to this cause.
New Fund for Crypto Staking by Grayscale
In March 2024, Grayscale introduced the Grayscale Dynamic Income Fund, a new fund dedicated to crypto staking. This fund includes APT, TIA, CBETH, ATOM, NEAR, OSMO, DOT, SEI, and SOL in its portfolio. The fund aims to generate income and distribute rewards in US dollars quarterly, focusing on multi-asset staking through a single investment vehicle.
SEC Approval Update
Grayscale, along with BlackRock, VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Franklin Templeton, and Hashdex, await SEC approval for their ETF applications. With VanEck’s application decision expected by May 23, all candidates anticipate clarity on their fate by that date.
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