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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