The SEC is expected to announce its decision on spot Ethereum ETFs today, May 23, 2024. Lawmakers have urged SEC Chair Gary Gensler to approve these ETFs, and the SEC has asked applicants to update their filings, signaling a potential change in stance.
🚨BREAKING: SEC has asked for a 6 hour delay with regards to spot ETH ETF decision.
If approved, Ethereum ETFs could drive the price of Ether up by around 60%, potentially reaching $6,000. This would mark the first time a non-Bitcoin crypto asset is classified as a commodity by the SEC, setting a precedent for other altcoins like Solana to follow.
The approval of Ethereum ETFs is expected to have a similar impact as the approval of Bitcoin ETFs earlier this year, which led to a 50% surge in Bitcoin's price. However, if the applications are rejected, Ethereum could face significant volatility and a steep price correction.
Experts believe the SEC's decision is influenced by political factors, as crypto has gained attention this election year, with both Trump and Biden expressing pro-crypto sentiments. The approval of Ethereum ETFs could also pave the way for Solana ETFs in the future.
