❗️ Bloomberg ETF Analysts: Chances for Ethereum ETF Approval Increase
👥 Yesterday, Eric Balchunas and James Seyffart, leading Bloomberg ETF analysts, revised their forecasts for the approval of spot Ethereum ETFs in the U.S. They significantly increased the chances of a positive decision—from 25% to 75%.
🏢 The analysts base their forecasts on ongoing negotiations between at least one potential spot Ethereum ETF issuer and the U.S. Securities and Exchange Commission (SEC). Additionally, yesterday the SEC requested issuers to expedite updates to their Form 19b-4.
ℹ️ Form 19b-4 is submitted to notify the SEC of a proposed rule change and is one of the documents that require the Commission's approval before spot Ethereum ETFs can become effective.
🇺🇸 Experts also noted that the increase in approval chances is influenced by the current political situation in the U.S. They believe that vetoing the bill that overturns the SEC's decision to establish certain accounting standards for firms holding cryptocurrency, along with refusing the creation of Ethereum ETFs, could portray the Biden administration as anti-crypto.
👀 In one day, $ETH rose by more than 20% and is currently trading at $3,705.
