SEC APPROVES Ethereum Spot ETF: Will It Happen TOMORROW? 👀🚀
May 23rd is the anticipated day for SEC to announce its decision concerning ETH spot ETF. In less than 24 hours, an approval, rejection, or postponement will be among the top headlines, but what do analysts foresee?
The debate over the classification of Ethereum (ETH) and the approval of Ethereum Spot ETFs by the U.S. Securities and Exchange Commission (SEC) has reached a critical juncture. Coinbase's Chief Legal Officer, Paul Grewal, has argued that the SEC lacks a valid basis for rejecting Ethereum Spot ETF applications. Amidst this regulatory uncertainty, ETH has experienced a significant price surge, driven by renewed optimism for ETF approvals.
What are SEC arguments regarding ETH-spot ETF? 🤫
The SEC's stance on Ethereum has been a subject of contention. Paul Grewal from Coinbase has criticized the SEC for its unclear classification of ETH, arguing that ETH is a commodity, not a security. Grewal cites statements from former SEC officials, including William Hinman and Gary Gensler, who have previously suggested that ETH is not a security. This perspective aligns with the Commodity Futures Trading Commission (CFTC) and federal courts, which have consistently categorized ETH as a commodity.
What are analysts' insights on the SEC decision on ETH-spot ETF?
Recent market activities reflect a surge in optimism regarding ETH and its potential ETF approval. Over a span of two days, ETH prices soared by over 20%, reaching $3,710.31. This rally was fueled by reports that the SEC requested updates on key documents from potential ETF issuers, suggesting a possible shift in the SEC's approach.
Bloomberg analysts have increased the likelihood of ETH-spot ETF approval to 75%, citing insider chatter about a potential reversal by the SEC. If approved, these ETFs could pave the way for broader acceptance of ETH and possibly other cryptocurrencies as commodities, significantly impacting the crypto market. (By Rudy Fares)
