✅ SEC Approves Ethereum ETF for Market Listing
Cryptocurrency markets view ETH ETF S-1 Form approvals as crucial because exchange listings depend on them. The ETF approved for BTC led to billions in net inflows. If the same happens for Ether, we could see larger impacts on its spot price due to its lower market cap. Today, a significant development provided insight into the timeline.
🔸 Ethereum #ETF Listing
Recently, VanEck completed the 8-A form for a spot Ether ETF. This form represents the next phase. Although the SEC has approved the ETF, there is a procedural process that cannot be expedited. The document approvals and regulations for BTC took several months, and the ETF process differed. The week when the SEC was expected to reject the ETF, the agency suddenly changed its stance.
VanEck submitted the 8-A form for the spot Ethereum exchange-traded fund to the United States Securities and Exchange Commission. Senior ETF analyst Eric Balchunas recently commented that exchange listings could occur on July 2 with this approval.
The same period for BTC was 7 days before the official listing. VanEck also completed this form 7 days before the ETH ETF listing. The same analyst had predicted the ETF would launch in early July, based on the SEC staff’s lack of significant comments on S-1 applications earlier this month.
🔸 Cryptocurrencies’ Impact on Politics
Balchunas suggests the unexpected ETH ETF approval was largely driven by political reasons. SEC Chairman Gary Gensler stated the opposite and continued to imply that Ether is a security. However, he contradicted this by halting the investigation into the ETH ecosystem.
According to the Stand with Crypto political action committee, approximately 52 million Americans are cryptocurrency investors. The PAC also gathered signatures from 1 million crypto supporters in the U.S, showing that crypto investors could significantly influence the November elections. Gemini made notable crypto donations to Trump, and even Biden began exploring ways to accept crypto donations.
