Election politics or crypto evolution? Speculation abounds as SEC hints at approving Ethereum ETFs
The post Election politics or crypto evolution? Speculation abounds as SEC hints at approving Ethereum ETFs appeared on BitcoinEthereumNews.com.
Is political pressure playing a role in the SEC’s consideration of spot Ether ETFs, and what implications does this have for the crypto community? Ethereum (ETH) has been on a bullish run, trading around $3,760 as of May 22, marking a 28% increase over the past week. This surge is driven by speculation that the U.S. Securities and Exchange Commission (SEC) may approve the first spot Ether exchange-traded funds (ETFs) this week. In a surprising turn of events, on May 20, the SEC requested Nasdaq, CBOE, and NYSE to refine their applications for listing spot Ether ETFs. The exchanges were instructed to submit their revised applications by the end of Tuesday. Bloomberg analyst Eric Balchunas noted that multiple ETF issuers, including Fidelity, VanEck, and ARK/21Shares, promptly submitted their amended filings. UPDATE: It’s happening. We have at least 5 of the potential #Ethereum ETF issuers that have submitted their Amended 19b-4’s in the last ~25 min.Fidelity, VanEck, Invesco/Galaxy, Ark/21Shares, & Franklin all submitted via CBOE. pic.twitter.com/pHGt8iRWi8 — James Seyffart (@JSeyff) May 21, 2024 These filings, called Form 19b-4, are pivotal as they let the SEC know about a proposed rule change and are among the documents that need the agency’s greenlight before spot Ethereum ETFs can become effective. Following this news, the price of Ether surged, jumping as much as 18% on Monday to above $3,830 before settling around $3,700 as of this writing. It’s important to note that the first round of spot Ether ETF deadlines is approaching, with VanEck’s application due on May 23 and ARK Invest/21Shares’ on May 24. The approval of these ETFs would be a huge win for the crypto industry, coming as a surprise to many who were expecting a rejection. Despite this progress, uncertainty remains. The SEC, led by crypto skeptic Gary Gensler, has…
Filed under: News - @ May 25, 2024 9:18 am