Ethereum ETF Approval May Come!

Ahmet Bedirhan Arvas — Fri, 05 Jan 2024 15:07:50 +0000

Ethereum ETF Approval Possible! Bloomberg analyst James Seyffart, who drew attention with his comments on Bitcoin spot ETFs, stated that the SEC recognizes Ether as a commodity, and there is a high probability of approval for an Ethereum ETF this year.

During a speech at a special event organized by on-chain data platform CryptoQuant, Seyffart mentioned that by approving Ether futures ETFs, the SEC implicitly acknowledges that ETH is considered a commodity.

“The SEC has implicitly acknowledged that Ether is a commodity… They did this by approving Ether futures ETF requests. Of course, Gary Gensler cannot speak openly about this. When asked, he won’t be able to say whether it is an investment contract or a commodity. But what they have done indicates that they believe it is a commodity.”

Seyffart also noted the ongoing struggle between the SEC and CFTC regarding the regulation of such assets. “If the SEC were to consider Ether not as a commodity but as an investment contract, it would not only declare war on the crypto world but also on the CFTC. That’s why I think an Ether spot ETF will be approved this year.”

The SEC needs to make a final decision on the spot Ether applications of VanEck and Hashdex, in partnership with ARK-21Shares, by May 2024. Decisions regarding other companies have been scheduled for later months.

Seyffart also mentioned that he believes the approval of a spot Bitcoin ETF, which will be accepted by January 10 or earlier, will bring in at least $10 billion to these products within a year.

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Ethereum ETF Approval May Come!