Ethereum Spot ETF Applicants Confident About SEC Approval
A recent report has revealed that applicants for Ethereum Spot Exchange-Traded Funds (ETFs) are optimistic about receiving approval from the United States Securities and Exchange Commission (SEC). Fox Business reporter Eleanor Terret has shared various opinions on the matter, including potential obstacles and viewpoints from anonymous sources.
According to one source, a Bitcoin spot issuer with an Ethereum spot ETF application, the SEC will likely be compelled to allow Ethereum spot exchange-traded products following the successful launch of multiple Spot Bitcoin ETFs. Another source predicts that Ethereum ETFs will be launched by the end of summer this year, citing Blackrock’s success with BTC ETFs and the SEC’s approval of ETH futures ETFs in the past as possible influencing factors.
Terret also questions whether SEC Chair Gary Gensler’s belief that Ethereum may be a security will impact the approval of ETH ETFs. The source notes Ripple’s partial victory over the SEC in 2023 regarding XRP not being considered a security during secondary market transactions.
Additionally, Terret references SEC Commissioner Hester Peirce’s statement that the regulatory watchdog does not intend to repeat previous delays with ETH ETFs and should apply similar considerations as other products. However, there is still a negative stance on the matter within the regulator, according to another insider source.
The Regulator’s Stance On the Product
Terret acknowledges that the ultimate decision lies with the SEC. She expects more information about their position in the coming months, particularly if the staff engages with S-1 filings similar to how they did with BTC spot ETFs.
Hot Take: Ethereum Spot ETF Applicants Remain Hopeful for SEC Approval
Applicants for Ethereum Spot ETFs are expressing confidence in receiving approval from the SEC. While there are differing opinions and potential obstacles, the successful launch of Bitcoin ETFs and previous approvals of ETH futures ETFs may influence the regulator to allow Ethereum spot exchange-traded products. However, SEC Chair Gary Gensler’s belief that Ethereum may be a security and internal resistance within the SEC present challenges. Nevertheless, SEC Commissioner Hester Peirce has expressed a commitment to avoiding delays with ETH ETFs. The final decision rests with the SEC, and more information is expected in the near future.
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