In the early morning of May 24, there was a new development regarding whether the U.S. Securities and Exchange Commission (hereinafter referred to as “SEC”) would approve the Ethereum spot ETF. The good news is that the SEC’s official X account was not hacked this time.

The Ethereum spot ETF application submitted by asset management company VanEck has been officially approved. Ethereum spot ETF is finally coming!

More importantly, the approval of the Ethereum spot ETF represents the SEC's recognition that "non-pledged Ethereum is not a security." This is of great significance to the entire crypto world.

As the second largest cryptocurrency in the crypto world, the market this week was affected by the news about ETFs, and the price soared all the way. On Monday, Ethereum hit its biggest increase in 18 months. The approval of the Ethereum spot ETF undoubtedly provides investors with a new investment option. Traditional market funds will further flow into the cryptocurrency market, and the crypto world will also usher in the ETF era.

At the same time, referring to the impact of Bitcoin spot ETF on the market, Ethereum spot ETF may lead a new round of bull market. Bernstein analysts said that the approval of Ethereum spot ETF will drive Ethereum to surge by 75%, and the price of ETH is expected to hit a new high, breaking through $6,600 in one fell swoop.

In fact, there are signs that the Ethereum spot ETF was approved.

First, on May 22, the VanEck Ethereum spot ETF was listed on the website of the Depository Trust & Clearing Corporation (DTCC). According to the DDTC website, its ticker is ETHV. Now, with the final hammer of the SEC, everything is settled.

Secondly, the key issue is resolved. Since staking rewards are regarded as passive income for traders, several issuers have deleted the staking clause in the latest revised 19b-4 application, and the Ethereum spot ETF will not include staking.

However, the official launch of the Ethereum spot ETF product and passing the 19b-4 application are only the first step. Subsequent issuers also need to complete the effectiveness of the S-1 registration statement. The latest development is that among the seven companies that have submitted Ethereum spot ETF applications to the SEC, only Fidelity has submitted a revised S-1 registration statement. This means that the time when the Ethereum spot ETF officially starts trading will depend on when the "S-1" takes effect.

Who will be the first company to list Ethereum spot ETF products? This question will become a new question mark. A crazy race has already begun.

In fact, with the Bitcoin spot ETF as a precedent, the application process for the Ethereum spot ETF may be simplified. After all, many processes can be completed by copying and pasting. When the Bitcoin spot ETF was approved, the S-1 registration statement was completed and effective a few hours after the 19b-4 was approved.

Obviously, the two are not comparable. Compared with the approval process of Bitcoin spot ETF, what Ethereum spot ETF experienced was more like a temporary and forced move.

According to foreign media The Block, the SEC did not start contacting potential issuers about approval until a few days before the May 23 deadline, and made limited progress on S-1. This forced practitioners in the crypto world to think about the relevance of the cause of the incident to the US election. Trump's campaign offensive based on cryptocurrency forced the Biden administration to take a positive stance.

Based on this, it is necessary to consider the follow-up promotion of the Ethereum spot ETF, because the problem of lack of supervision has not made any substantial progress, and cryptocurrencies are only used as political tools.

After all, the chaos in the United States' cryptocurrency regulatory framework has a long history. Although the FIT-21 bill has been passed by the House of Representatives, issues such as the power struggle among regulators and the lack of investor protection remain unresolved and still need further repairs.

But no matter what, the approval of the Ethereum spot ETF has provided impetus for the development of the crypto world to a certain extent. However, no one has the right to release a large amount of ETH locked under the belief of decentralization. Whether the market demand is as ideal as it should be, the uncollateralized Ethereum spot ETF still needs time to test.

The key to unlocking all this is still supervision. #以太坊现货ETF #ETF