🙏HOT: Ethereum spot ETF will be approved this month

Here are five reasons why the SEC approves spot Ethereum ETFs and is expected to happen on May 23.

**WE WILL SEE ALL SPOT ETH ETFS APPROVED ON MAY 23**

The backdrop:

– ETH sentiment is at a cyclical low

– ETF approval is priced between 0-25%

– SEC is suing every legit institution in the ecosystem (Uniswap, Coinbase, Consensys)

5 reasons why we’ll see approval anyway:

(9/1)

— VivekVentures.eth 🦇🔊 (@VivekVentures) May 11, 2024

First, the analyst pointed out that ETF issuers like ARK and 21Shares are amending their filings to remove Ethereum staking from spot ETF products. The removal of this revenue source is in response to guidance from regulators regarding the approval pathway.

Second, Grayscale's withdrawal from its ETH ETF Futures application was seen as a signal that approval for a spot ETH product was imminent. The rationale is that this asset management company won't give up a winnable fight unless it decides to focus on the spot ETH ETF.

The third factor is the SEC's prior approval of the ETH Futures ETFs. This implies a regulatory approval sequence by this regulator, as Ethereum as a commodity falls under the jurisdiction of the CFTC, just like Bitcoin.

Fourth is the SEC Chairman's previous statements, referring to Ethereum as a non-secure commodity. Although Gensler has been vague on the status of ETH recently, the analyst believes that the ETF's decisions will force clarification.

Ultimately, the courts ruled against the SEC's arbitrary and capricious overreach. Given the legal precedent set by the approval of the Bitcoin ETF, rejection of a spot Ethereum product could mean a humiliating legal defeat for the agency.