TL;DR
There are at the moment seven Ethereum ETF functions on the SEC’s desk.
Many of us are skeptical that we’ll see an approval this yr (and even subsequent yr), on condition that it took the SEC a decade or so to approve the primary Bitcoin ETF.
When requested in regards to the dumpster hearth that was the Bitcoin ETF approval course of, and whether or not the identical goes to occur with Ethereum, Hester stated this: “One other court docket case? That is not how we’ll do our approvals.” Right here’s hoping!
Full Story
Okay, let’s set the stage:
There are at the moment seven Ethereum ETF functions on the SEC’s desk.
The appliance with the earliest deadline is Could 23, from VanEck.
That is an thrilling potentiality, as an trade traded fund (ETF) would let people purchase/promote Ethereum by way of the inventory market and make the asset accessible to extra buyers (hopefully attracting larger funding).
However many people are skeptical that we’ll see an approval this yr (and even subsequent yr), on condition that it took the SEC a decade or so to approve the primary Bitcoin ETF.
Now, right here’s your dose of hopium:
SEC Commissioner, Hester Peirce (aka ‘Crypto Mother’) stated that the SEC had:
“Heard from a court docket that the strategy we have been taking was fallacious, within the sense of not displaying the form of consistency {that a} regulator wants to point out,”
And extra importantly, that SEC chair Gary Gensler (the issue youngster on this entire course of), had “reacted accordingly.”
Now, right here’s the kicker:
When requested in regards to the dumpster hearth that was the Bitcoin ETF approval course of, and whether or not the identical goes to occur with Ethereum, Hester stated this:
“One other court docket case? That is not how we’ll do our approvals.”
The takeaway:
There’s renewed hope that Bitcoin might need walked – hell, crawled – by means of the ETF utility course of, so Ethereum may run.
Fingers, toes, eyes: crossed.
