Hester Peirce, a commissioner at the United States Securities and Exchange Commission (SEC), has stated that the SEC should not require a lawsuit to approve spot Ethereum (ETH).
Hester Peirce, a commissioner at the United States Securities and Exchange Commission (SEC), has stated that the SEC should not require a lawsuit to approve spot Ethereum (ETH) exchange-traded fund (ETF) applications. Speaking to Coinage Media, Peirce emphasized that the SEC should learn from the Grayscale court ruling that preceded the approval of spot Bitcoin ETFs in the United States. She believes that the SEC should not need a court to tell it that its approach is "arbitrary and capricious" in order to make the right decisions.
Peirce acknowledged that the facts and circumstances vary with each ETF application, but she expects the SEC to apply the same precedent that came from the Grayscale case. She stressed the importance of ensuring that the disclosures align with how the product actually works.
Several companies, including BlackRock, VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, and Hashdex, have submitted spot Ether ETF applications to the SEC for approval. Bloomberg ETF analyst Eric Balchunas estimates a 70% chance of a spot Ether ETF approval by May. The SEC has specific deadlines to decide on each application, ranging from May 23 to August 7.
SEC Chair Gary Gensler has previously stated that the approval of a spot Bitcoin ETF does not signal the Commission's willingness to approve listing standards for other cryptocurrency ETF applications. He emphasized that most crypto assets are investment contracts subject to federal securities laws.
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