Key Points:
According to CoinDesk, the U.S. Securities and Exchange Commission is said to have accelerated the review of 19b-4 filings for exchanges. The said development lights up the hope for the approval of Spot Ethereum ETFs.
However, the mere fact of approval of the 19b-4 filings does not necessarily guarantee the authorization of the ETFs. S-1 applications are necessary before issuers can start trading. S-1 application approval is indefinite since no specific deadline exists.
Despite such uncertainty, a company in dialogue with the SEC expresses optimism about the chances of approval. The company’s optimism marks a significant shift from previous weeks when the SEC seemed reluctant in its processes.
Readmore: Pyth Grants $50 Million In PYTH To Stimulate Ecosystem Growth
Eric Balchunas and James Seyffart, analysts from Bloomberg Intelligence, raised their odds from 25% to 75% for the approval of a spot ether ETF following chatter that SEC could be adopting a more favorable stance towards applications.
However, the analysts later clarified that the odds were related to the 19b-4 approvals.
The SEC is expected to decide on VanEck’s spot ether ETF on May 23rd. Meanwhile, the SEC is investigating whether Ether—the primary asset of the Ethereum blockchain—qualifies as a security.
SEC investigates Ethereum’s transition from a proof-of-work to a proof-of-stake consensus mechanism. If the SEC classifies Ether as a security, such classification could impede the approval of spot ether ETF applications.
Should authorities approve the ETFs, Ethereum, already seeing an 19% rise in the last 24 hours, could skyrocket like Bitcoin’s surge upon its ETF approval.
ETF approval could generate much interest in the overall cryptocurrency market. Two crypto-based ETFs available on the stock market could boost crypto innovation and investor interest greatly.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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