Awesometo see $VET included in #Grayscale ‘Utilities and Services’ report. 

The report states it represents the “picks and shovels'' for developers building in the crypto #ECOSYSTEM."  

In a landscape dominated by giants, VeChain emerges as a standout performer . While #Web Services claim the lion's share at 38%.

Despite being in the shadow, VeChain's resilience shines through, holding its ground with its strategic positioning in the
#Enterprise Applications at 13%.
VeChain's ability to complement other sectors and enhance application capabilities positions it as a key player in Grayscale's Utilities and Services Crypto Sector. 

#Blockchain will change everything - and VeChain's ranking is setting it up for MASSIVE potential!

As the sector's diversity and fragmentation unfold, VeChain remains a beacon of innovation and adaptability, offering investors a unique opportunity to ride the wave of the #crypto industry's growth. 🚀🔗 VeChain 
Read full report: https://www.grayscale.com/research/reports/grayscale-utilities-and-services-crypto-sector

Stay Tuned!

Please hit the like if you read all the way here!

:)

Sincerly,
/// CryptoORBIT$

Grayscale’s legal head highlighted that the issues facing a spot Ethereum ETF are akin to those encountered with Bitcoin ETFs. Consequently, they feel less SEC discussion is required for approval.
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Craig Slam of Grayscale reassured that despite Ethereum’s security classification, their case for an ETF remains robust.

Grayscale’s Chief Legal Officer Advocates for Ethereum ETF Approval
In a recent statement, Craig Salm, Grayscale’s Chief Legal Officer, addressed the ongoing discussions surrounding spot Ethereum ETFs. Salm expressed his belief that ETFs for Ethereum should indeed be approved, despite recent speculation. However, he primarily focused on clarifying the perception of the SEC’s engagement in the matter.

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Salm highlighted the constructive engagement Grayscale and others experienced with the SEC in the months leading up to the approval of Bitcoin ETFs. During this period, detailed discussions covered various aspects such as creation/redemption procedures, custody, and the roles of authorized participants (APs) and liquidity providers (LPs).
He emphasized that the issues pertinent to spot Ethereum ETFs mirror those of spot Bitcoin ETFs, with the only distinction being the asset held i.e. Ether instead of Bitcoin. Therefore, Salm argued that the SEC has already engaged on these matters, suggesting less need for extensive discussions this time around.
Craig Salm, Grayscale’s Chief Legal Officer, acknowledges that his perspective on spot Ethereum ETFs may evolve closer to the final approval or denial dates in late May 2024. He cautions against interpreting the perceived lack of engagement from regulators as indicative of any specific outcome.

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Salm echoes sentiments expressed by other industry figures, including Paul Grewal and Brian Quintenz, regarding the reasons why spot Ethereum ETFs should be approved. These reasons include maintaining consistency with Ethereum futures ETFs, treating Ethereum futures as commodity futures rather than security futures, and the high correlation between futures and spot prices.
Also Read:   Potential Reversal Signal for Polygon's MATIC
In conclusion, Salm affirms Grayscale’s support for the approval of spot Ethereum ETFs, asserting that the case for them is as robust as it was for spot Bitcoin ETFs. Grayscale eagerly anticipates further engagement with the Commission on this matter.

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Ethereum Price Rebounds Amidst Surge in Trading Volume
Following a period of heavy selling last week, the price of Ethereum has once again bounced back from its lows of $3,000. As of press time, ETH is trading 4% higher at a price of $3,671, with a market cap of $435 billion. Moreover, the daily trading volume for Ethereum has surged by a staggering 58% to reach $20 billion.
Several factors are contributing to the potential rally in the price of ETH, with analysts suggesting that it could reach a new all-time high of around $5,000.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#Ethereum #EthereumETF #Grayscale #ETH $$BTC $ETH $SOL

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Grayscale’s second attempt at an Ethereum Futures ETF, following a recent legal win, has generated optimism in the crypto community.

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Grayscale Investments has made a fresh application for an Ethereum Futures Exchange-Traded Fund (ETF), marking its second attempt, with unique regulatory strategies in play to increase approval odds.

This move aligns with the regulatory framework typically used for commodities and Bitcoin ETFs. Interestingly, five other companies have chosen the same regulatory approach for their Ethereum Futures ETF applications. While the motive behind this dual-application strategy isn’t entirely clear, it could be aimed at enhancing approval prospects.

Recent indications suggest that the U.S. Securities and Exchange Commission (SEC) is actively reviewing these applications, with potential approvals as early as October. Grayscale’s application is one of six currently under SEC evaluation.

Is Grayscale’s Bitcoin ETF Progress a Game Changer?

Grayscale’s recent legal win against the SEC adds an intriguing twist to the story. After their application to convert the Grayscale Bitcoin Trust (GBTC) into a Bitcoin spot ETF was denied in June 2022, Grayscale persisted. In August 2023, a court ruled that the SEC should reevaluate Grayscale’s application, emphasizing the need for a more thoughtful decision-making process—a decision that didn’t sit well with Grayscale executives. This turn of events could play a pivotal role in their pursuit of an Ethereum Futures ETF.

Elliott Z. Stein, a senior litigation analyst at Bloomberg Intelligence, holds an optimistic view of Grayscale’s chances. He believes Grayscale has a 70% chance of winning its ongoing lawsuit against the SEC. Stein anticipates the SEC may feel compelled to approve Grayscale’s ETF request before the court’s decision arrives in August 2023. This is especially significant given the pending decision on Ark Investment Management’s ETF.

The Increasing Challenges for Cryptocurrency ETFs and Grayscale’s Role

The growing interest in cryptocurrency ETFs and Grayscale’s pursuit of approval have led to more regulatory scrutiny. The SEC is concerned about ensuring compliance with the law, especially given the fragmented and unregulated nature of Bitcoin spot markets. This makes it challenging for cryptocurrency ETF applicants to meet regulatory standards.

As Grayscale continues its efforts to gain approval for an Ethereum Futures ETF, the cryptocurrency community is closely watching these developments. If an Ethereum Futures ETF gets approved, it could open up new investment opportunities in Ethereum futures and transform the cryptocurrency investment landscape. Other companies like Bitwise, Roundhill, ProShares Short, and VanEck are also seeking approval for Ethereum ETFs.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#CryptoNews #cryptomarket #Grayscale #Ethereum #ETF