""▶ Alex Thorne of Galaxy believes that the SEC is in search of a "golden mean", trying to "whitewash" Ethereum from the status of a security

The value of Ethereum has skyrocketed. This came after Bloomberg analysts reported that the probability of ETH_ETF approval has increased to 75%.

"The SEC is said to be ready to make a 180-degree turn [in its decision on fund approvals]," Eric Balchunas, an ETF market analyst at Bloomberg, wrote on his Web X page.

He and James Seyffarth have previously been key sources on BTC-based spot funds. Analysts predicted their SEC approval and launch earlier this year.

Even recently, many cryptocurrency market participants doubted that the regulator would give its approval in the near future to launch ETFs for Ethereum, but the situation has changed.

The price of ether crossed the $3,500 mark for the first time since April 1 when the new information emerged. Within 24 hours, Ethereum was up nearly 20%.

Earlier, the launch of bitcoin_ETF on the background of high investor demand caused an inflow of funds to the crypto market and turned out to be one of the prerequisites for the growth of the rate of the digital asset this year. Several firms, such as BlackRock and Fidelity, have been waiting for approval of "ethereum" exchange-traded funds since as early as 2023.

According to Coindesk, the U.S. Securities and Exchange Commission has reached out to crypto exchanges that will be working with Ethereum-ETFs. The SEC has asked to promptly update the registration forms for ether-based spot funds. It is the approval of these forms that is expected this week.

At the same time, the regulator must approve issuing firms' S-1 filings in order to launch an ETH_ETF. In this context, the SEC has no deadline, meaning the process could drag on for however long it takes.

According to Galaxy's Alex Thorne, the US regulator is in search of a "golden mean", trying to "whitewash" ETH from the status of a security. What do you think about this!!!!!

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