SEC likely to approve spot Ethereum ETFs on May 23

[Sophokles]

They have a 98% approval rate and ETH adoption is at its peak so there is no logical explanation why the ETH ETF won't be approved by the coming date. SEC is not immune to influences and this has been proven by their change of statement about bitcoin and ETH after their long negative stances about them. Big Brother says Bitcoin and ETH are commodities, so they are communities. Blackrock-like giants are the driving force that forces the SEC to change their stance about btc and eth which can be good in the short term but can be dangerous in the long term.

[Tipstar]

This would be a good news and it would clear up many hurdles for other crypto to be listed as ETF. Though the approach are mostly from large traditional investors, yet the listed crypto and cryptocurrencies as a whole would benefit from this ETF.
It would be much more beneficial for traditional investors that don't want to learn about using crypto directly or doing the taxes. Investing as ETF would make the taxes easier.
It would increase the legitimacy of ETH making the people once suspicious of crypto realizing it's a good and safe investment, increasing the investment in the coin.

[d5000]

For me, it isn't that clear. An Ethereum ETF has imo a 50% chance of approval, or perhaps even lower.

The reason is that Ethereum may no longer be considered a commodity since its change to PoS with "the Merge". The opinion of a SEC employee categorizing ETH as a commodity is from 2018, when ETH was still a pure PoW coin.

The article I linked describes that even the way the Ethereum 2.0 PoS upgrade was carried out, in a completely centralized manner, could be a reason for the SEC to reconsider it's categorization. In addition, the staking on the beacon chain could be considered "pooling" of funds, a sign that a "common enterprise" (an important term when Howey Test is applied) could have been created.

I think an ETF could even be dangerous for Ethereum's future, largely due to the PoS character. If the ETF is successful, then the ETF managing entity would become a large stakeholder, and could influence the PoS consensus. While in general they should take decisions that are best for their investors, the decentralization of ETH would be further harmed. In Bitcoin, in contrast, BTC-holding ETFs can't influence consensus (at least not directly, they would have to invest in mining companies).

[AnonBitCoiner]

The crypto market will expand further after the SEC's approval strengthens the global cryptocurrency position with Bitcoin ETFs and spot Ethereum ETFs. This move is a significant step towards the mainstream adoption of cryptocurrencies. This will open up the cryptocurrency market to a wider range of investors. Also, a spot Ethereum ETFs will be worth more than the real time price.

As the approval of bitcoin ETF happened so all crypto coin are getting better in price but the little dip after the BTC ETF approval was not negative effect of approval but actually it was because of some bad news but now the situations are totally changed and market is again increasing in its worth.

If In same year the Approval for Ethereum ETF takes place then surely everyone will be in desire to move towards crypto investment which will eventually increase the prices of each and every coin. This will automatically increase the use of cryptocurrency in daily life because it is going to be a successful field day by day and people often choose that field which shows success regularly.

[criptoevangelista]

The approval of the Bitcoin ETF only opened the doors for other currencies, it is a matter of time before a possible Ethereum ETF is approved. I just want to see what the issue of regulating this will be like, because unlike Bitcoin, in Ethereum we have the Ethereum Foundation, would they be held responsible for everything?

[johnsaributua]

Like just yesterday I heard a tweet about ETFs, it turns out that development is so fast and thorough. ETH is worthy because it is the only altcoin that is very good and keeps the market segment. This solution will provide a cheap price to trade in coins that are quite expensive and trading has ease. ETFs seem to go against the natural laws of cryptocurrencies but I can't deny that the important people behind the approval of ETFs also have great appeal and trust. Maybe later eth will become an alternative and order other than ethreum including bnb and solana, that's just in my view. So far this is interesting news and we'll see how it plays out.

[Fundamentals Of]

@Fundamentals Of. It was Grayscale that began dumping bitcoin on the day of approval because GBTC holders were dumping their GBTC.

Grayscale was only reacting to the decisions of their investors. The investors were selling and for a number of reasons. One could be to realize their profit. Another is the fees because Grayscale has much higher rates compared to its competitors in the Bitcoin spot ETF game. And then there's also the FTX estate that also dumped $1 billion shares of GBTC.

If an Ethereum spot ETF is to be approved, this scenario isn't exactly what might happen. So it could be a better picture for ETH in terms of price reaction to an approval.

[Nothingtodo]

It is certain that Ethereum Spot ETF will be approved, but it is not possible to say with certainty whether May 23, 2024 will be the correct date for Ethereum Spot ETF approval. This is because even though the Bitcoin Spot ETF has been given several possible dates, several times the dates have expired. So I think May 23rd may not be the most likely April date for the Ethereum spot ETF.

[YUriy1991]

Grayscale was only reacting to the decisions of their investors. The investors were selling and for a number of reasons. One could be to realize their profit. Another is the fees because Grayscale has much higher rates compared to its competitors in the Bitcoin spot ETF game. And then there's also the FTX estate that also dumped $1 billion shares of GBTC.

If an Ethereum spot ETF is to be approved, this scenario isn't exactly what might happen. So it could be a better picture for ETH in terms of price reaction to an approval.

Yes. At first glance, it seems that the selling action is intended to realize their profits, although the GBTC selling action can be considered a temporary phenomenon and the discourse on approval of an Ethereum ETF may also at first glance be able to relieve some concerns later, but what is certain is that this also affects investor sentiment in waiting for this decision in the market.

[bbc.reporter]

The crypto market will expand further after the SEC's approval strengthens the global cryptocurrency position with Bitcoin ETFs and spot Ethereum ETFs. This move is a significant step towards the mainstream adoption of cryptocurrencies. This will open up the cryptocurrency market to a wider range of investors. Also, a spot Ethereum ETFs will be worth more than the real time price.

Agreed on the further expansion of the cryptospace. The market capitalizations of $1 billion to enter the top 100 will certainly be more than this and it can possibly become $5 billion to $10 billion. I reckon for the traders who are looking for gems, it might be these coins that have under $100 million market capitalization, it will not be these coins under market capitalization of $10 million anymore.

I speculate that Tether and Circle will issue more USDT and USDC on the next bull market than all of the total that they have printed before. It will be very head shaking because many people will not believe this.

[GreenStox]

Wow, this is so fast just in case it will be approved in this year.
For me, I am expecting an Ethereum ETF but not this fast, I am expecting that it will be approved in years because Bitcoin is just a new ETF.
I am also hoping that the market will be fine and no high volatile like pump or dump so SEC will not be alarmed.

precisely because the eth etf will be accepted in may this year the market will react well, and it happened after the bitcoin halving, do you think this news is planned or not?
like bitcoin has gone through an automatic halving, the price will rise because the mining reward obtained will be small, now this news has emerged to encourage that to happen.

[bbc.reporter]

It appears that uncle Gary and the SEC might be using the same storyline that they have used before approving Bitcoin hehehe.

Vaneck's application final deadline date for their Ethereum spot ETF will be on May 23. If this is rejected, this will be the first rejection and I reckon the others might be rejected also. However, if this is approved, it will be a mass approval similar to the Bitcoin ETFs of all the applicants.



The United States Securities and Exchange Commission (SEC) has decided to delay its decision on Invesco and Galaxy’s spot Ethereum ETF application.

Other ETH ETF filers had previously had the verdict of their applications for a spot ETH ETF postponed by SEC. About two weeks ago, the SEC postponed a decision on the spot Ethereum ETF proposed by Fidelity Investments that involves listing and trading of shares of the Fidelity Ethereum Fund under BZX Rule 14.11(e)(4).

BlackRock also had its decision for spot ETH ETF postponed by the U.S. SEC to March 10, 2024. The regulator claimed that the asset manager’s iShares Ethereum Trust has yet to receive any feedback from the public since it was published on the Federal Register, mandating the need for additional time.

Source https://coingape.com/spot-ethereum-etf-sec-delays-decision-on-invesco-galaxys-application/

[LastKiss]

~snip~

Read in full https://www.theblock.co/post/275174/sec-ethereum-etf-approval-may-standard-chartered-bank

Later or sooner Ethereum ETH will get approved, while we waiting for that to happen we can always DCA to not miss the train just like we DCA in Bitcoin. We can expect Vaneck, Hashdex, ARK or even all of the applications for Ethereum ETF to get approved around that date. Don't use high leverage if you're going to trade because lots of people already got liquidated just like last month when Bitcoin ETF approval is near.

[Argoo]

I'd be skeptical of that actually happening.  It's taken a long time for bitcoin to get over the hump.  The way the SEC and government regulations take forever and a day I'd say it would be years away.  A couple months after bitcoin getting approved I bet they want to see what happens before opening the altcoin floodgates into the mainstream.

If Bitcoin spot ETFs have already been approved for spot ETFs, then a similar decision regarding Ethereum will be made quite quickly. So if this event is expected in May, then this time is enough. Along with Bitcoin halving, this will give a noticeable impetus to price growth in the cryptocurrency market. Of course, this will not happen immediately, with periodic corrections, but in general, this year and even the first half of the next will certainly be good for participants in this market.

[el kaka22]

I believe that SEC working towards making crypto ETF's a reality is not really a big deal, it has to do with what they are going to do with what happens afterwards. Sure ETF could see some attention at first but that doesn't mean that it will be the most important part right away, it has to work a bit longer for that to work before we get there.

I believe that the best thing to do in this case would be just letting it be and you could actually come up with a good return. I hope that life would be fair towards ETF investors but the reality is that we could see it drop as well. Not this year, not next year neither, because we will have a bull season, but then we are going to end up with something that would be a lot worse.

[bbc.reporter]

I believe that SEC working towards making crypto ETF's a reality is not really a big deal, it has to do with what they are going to do with what happens afterwards. Sure ETF could see some attention at first but that doesn't mean that it will be the most important part right away, it has to work a bit longer for that to work before we get there.

I believe that the best thing to do in this case would be just letting it be and you could actually come up with a good return. I hope that life would be fair towards ETF investors but the reality is that we could see it drop as well. Not this year, not next year neither, because we will have a bull season, but then we are going to end up with something that would be a lot worse.

However, it is a big deal. Many holders in the cryptospace community have waited very long for years on when the institutional investors would enter and buy cryptocoins and for us to begin dumping on their faces heheheh.

These ETF approvals on Bitcoin are only  the beginning. There will be Ethereum approvals next then there might be another ETF application for other cryptocoins and tokens. This is a very big occurrence.

[janetbee]

They have a 98% approval rate and ETH adoption is at its peak so there is no logical explanation why the ETH ETF won't be approved by the coming date. SEC is not immune to influences and this has been proven by their change of statement about bitcoin and ETH after their long negative stances about them. Big Brother says Bitcoin and ETH are commodities, so they are communities. Blackrock-like giants are the driving force that forces the SEC to change their stance about btc and eth which can be good in the short term but can be dangerous in the long term.

Such an interesting take! Did you know that in Canada there's already an ETH ETF? The 3iQ Ether Staking ETF is the world’s first Ether staking ETF. If you want to know more about it you can check out: https://3iq.io/staking

[bbc.reporter]

This article mentioned that 8 applicants of the Ethereum spot ETF have also applied for a Bitcoin spot ETF and all of them have been approved. This makes the approval for the Ethereum very much near to a certainty, I reckon. Thank you to the new mayor of Bitcoin, Blackrock CEO Larry Fink hehehee.



Franklin Templeton (BEN.N), opens new tab on Monday disclosed that it had officially filed for a spot ethereum exchange-traded fund, becoming the eighth player vying to introduce a similar product in the market.

With Franklin's registration, there are now eight ETF providers competing to introduce spot ether ETFs, all of whom rolled out spot bitcoin products in January.

Source https://www.reuters.com/technology/franklin-templeton-files-spot-ethereum-etf-2024-02-12/