{"id":21932,"date":"2024-06-04T12:02:44","date_gmt":"2024-06-04T09:02:44","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21932"},"modified":"2024-06-04T12:37:01","modified_gmt":"2024-06-04T09:37:01","slug":"bernstein-analysts-dismiss-political-pressure-as-reason-for-secs-ether-etf-approval","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bernstein-analysts-dismiss-political-pressure-as-reason-for-secs-ether-etf-approval\/","title":{"rendered":"Bernstein Analysts Dismiss Political Pressure as Reason for SEC&#8217;s Ether ETF Approval"},"content":{"rendered":"<p>Analysts at research and brokerage company <strong>Bernstein<\/strong> claim that the<strong> United States securities regulator&#8217;s approval of the spot Ether (ETH)<\/strong> exchange-traded funds could not have been a last-minute decision motivated by political pressure.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bernstein-analysts-dismiss-political-pressure-as-reason-for-secs-ether-etf-approval\/#Analyzing_the_SECs_Decision\" title=\"Analyzing the SEC&#8217;s Decision\u00a0\">Analyzing the SEC&#8217;s Decision\u00a0<\/a><ul class='ez-toc-list-level-2' ><li class='ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bernstein-analysts-dismiss-political-pressure-as-reason-for-secs-ether-etf-approval\/#Industry_Reactions_and_Future_Projections_about_Ether\" title=\"Industry Reactions and Future Projections about Ether\">Industry Reactions and Future Projections about Ether<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"Analyzing_the_SECs_Decision\"><\/span><strong>Analyzing the SEC&#8217;s Decision\u00a0<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p>Rising political pressure from the Democrats to persuade swing voters in the run-up to the U.S. election in November is one of the main hypotheses behind the <strong>Securities and Exchange Commission&#8217;s<\/strong> abrupt shift in attitude toward spot <strong>ETFs<\/strong> in May.<\/p>\n<p>However, Bernstein analysts Gautam Chhugani and Mahika Sapra found the story to become less convincing after President Joe Biden vetoed the Staff Accounting Bulletin (SAB) No. 121 repeal bill in a June 3 report.<\/p>\n<p><a href=\"https:\/\/coinengineer.net\/blog\/coinbase-boosts-fairshake-superpac-with-25m\/\"><em><span style=\"font-weight: 400;\">This Might Interest You: Coinbase Boosts Fairshake SuperPAC with $25M<br \/>\n<\/span><\/em><\/a><\/p>\n<p>The analysts stated the <em>&#8220;<strong>SEC<\/strong> knew it was in a corner on the <strong>ETH ETF<\/strong>&#8220;<\/em> since it featured the same regulatory set-up as the spot Bitcoin ETFs, including the same spot and futures correlation and multiple live Ether futures contracts on the Chicago Mercantile Exchange, which suggested Ether&#8217;s commodity status.<\/p>\n<p><em>&#8220;Most likely, the SEC avoided a legal conflict by adopting a more pragmatic approach.&#8221;<\/em> Still, the Bernstein analysts said, <em>&#8220;Great outcome for the industry.&#8221;<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Industry_Reactions_and_Future_Projections_about_Ether\"><\/span><strong>Industry Reactions and Future Projections about Ether<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bernstein said it has spoken with some candidates for spot <strong>Ether ETF<\/strong> who were <em>&#8220;equally surprised&#8221;<\/em> at the last-minute SEC clearance.<\/p>\n<p>None anticipated an <strong>Ethereum ETF<\/strong> approved by the SEC. <em>&#8220;We interpreted the SEC personnel&#8217;s radio silence leading up to the clearance date as likely rejection. However, we instructed ETF issuers to refile the 19b-4s within 24 hours, 4 days before the approval deadline.&#8221;<\/em><\/p>\n<p>Though there <em>&#8220;should be pent-up demand from the same participants as the Bitcoin ETF,&#8221;<\/em> Bernstein, like other analysts, anticipates the spot Ether ETF flows to be far less than Bitcoin&#8217;s.<\/p>\n<p>In the run-up to the release, the company anticipates Ether to show strong price movement.<\/p>\n<p>Officially authorized by the SEC are <strong>19b-4 applications<\/strong> for spot Ether ETFs from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise on May 23.<\/p>\n<p>Currently awaiting the S-1 registration statements to be signed off by the SEC, the eight authorized Ether ETF issuers might have anywhere between weeks and months.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysts at research and brokerage company Bernstein claim that the United States securities regulator&#8217;s approval of the spot Ether (ETH) exchange-traded funds could not have been a last-minute decision motivated by political pressure. Analyzing the SEC&#8217;s Decision\u00a0 Rising political pressure from the Democrats to persuade swing voters in the run-up to the U.S. election in<\/p>\n","protected":false},"author":6,"featured_media":13660,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,1],"tags":[61,6303,4850],"class_list":["post-21932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-genel","tag-bitcoin","tag-ether-eth","tag-securities-and-exchange-commission-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bernstein Analysts Dismiss Political Pressure as Reason for SEC&#039;s Ether ETF Approval<\/title>\n<meta name=\"description\" content=\"Bernstein analysts argue that the SEC&#039;s approval of spot Ether ETFs was not politically motivated but a pragmatic decision to 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