The U.S. SEC simultaneously approved the 19b-4 filings for eight spot Ethereum ETFs, and trading may begin in a few weeks.
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The U.S. House of Representatives voted for the first time on the 21st Century Financial Innovation and Technology Act (FIT21), which aims to reshape the regulatory landscape of digital assets. FIT21 gives the Commodity Futures Trading Commission (CFTC) greater power over the digital asset spot market and creates new jurisdictional boundaries for the Securities and Exchange Commission (SEC). Patrick McHenry, director of the Financial Services Committee, hopes that the legislation will demonstrate momentum for digital assets. Gary Gensler, director of the U.S. Securities and Exchange Commission (SEC), warned that the bill could allow financial fraud to evade regulation. Fox Business reporter Eleanor Terrett said, "Securities and Exchange Commission Director Gensler had a conversation with the White House last week, and congressional activities are revolving around ETF approval. When it comes to pressure on Gensler, (they) need to consider more facts, laws and court rulings, but I don't think they really can't refuse." This week, the exchange had a net inflow of 62,000 ETH, about $231 million. Analysts said that a large amount of ETH inflows into exchanges usually indicates increased selling pressure, which may lead to increased price volatility. Grayscale ETH Trust (ETHE) had a trading volume of $687 million on the 21st, a new high since May 21. The previous high was $842 million on May 19, 2021. Lyra founder and former Wall Street options trader Nick Forster said that the options market shows that the probability of ETH reaching $5,000 by June 28 is about 20%, and the probability of exceeding $5,500 by July 26 is also 20%.
Nasdaq documents show that BlackRock submitted a revised 19B-4 form for the ETH spot ETF, which will exclude ETH pledge. Bitwise submitted a revised 196-4 form and plans to launch an ETH ETF on the New York Stock Exchange (NYSE). Matrixport said that ETH set a record for the largest single-day volatility in history, which may be due to the news on May 20 that the U.S. Securities and Exchange Commission (SEC) may approve the ETH ETF. ETH's previous largest volatility was concentrated in May 2021. The two large fluctuations so far in 2024 were mainly driven by policies (related to SEC and Federal Reserve meetings). Analysts at research firm Bernstein estimate that the approval of the spot ETH ETF will drive ETH to surge 75% to $6,600. The SEC approved the BTC product in January, stimulating a 75% increase in BTC prices in the next few weeks, and ETH's price trend is expected to be similar. Gary Gensle said that he believes that the SEC has legal tools in the field of crypto-security, and not all crypto tokens are securities. Gary Gensle reiterated in his speech that the cryptocurrency market is full of fraud, that there are "serious conflicts of interest" among cryptocurrency trading platforms, and that the cryptocurrency market needs "referees on the field." A few hours before the BTC spot ETF was approved, Gary Gensler, director of the U.S. Securities and Exchange Commission (SEC), warned that "cryptocurrency investors should consider all potential risks before making any investment." 10x Research said that Gary Gensler may have a tweet that provides more clear information about whether approval is imminent, just as the SEC previously issued a warning signal before the BTC spot ETF was listed. The spot ETF is approved, and there is still a long bull market ahead. In addition to the BTC spot ETF, ETH will also become the main force. #以太坊ETF批准预期 #美众议院通过FIT21法案 #新币挖矿