Ethereum

Bitcoin

On March 6, 2024, the US Securities and Exchange Commission (SEC) convened a meeting with representatives from <a href="https://coingape.com/coinbase-records-another-outage-as-bitcoin-price-hits-ath/" rel="noopener noreferrer nofollow">Coinbase </a>and <a href="https://coingape.com/grayscale-sparks-fresh-selloff-scare-with-623m-bitcoin-transfer-to-coinbase/" rel="noopener noreferrer nofollow">Grayscale</a> Ethereum Trust. This gathering marked a significant step in the ongoing discussions between the SEC’s Trading and Markets Division and the two leading cryptocurrency firms. The dialogue aimed to address the intricacies involved in the potential approval of an Ethereum ETF, a topic of considerable interest within the crypto and investment communities.
Eric Balchunas, a senior ETF analyst, shared insights on the meeting’s implications. He highlighted the absence of direct comments from the SEC to ETF companies as a concerning sign, especially given the timing relative to the commission’s usual schedule for commenting on Bitcoin ETFs. Balchunas pointed out the lack of a court defeat for the SEC on this matter and the weaker correlation between futures and spot markets for Ethereum compared to Bitcoin. These factors contribute to his cautious outlook on the prospects of an Ethereum ETF.
<h2 id="strong-grayscale-push-for-ethereum-etf-strong">Grayscale Push for Ethereum ETF</h2>
Nate Geraci, another ETF analyst, provided a contrasting perspective on the discussions. He emphasized the focus of the meeting on analyzing the correlation between futures and spot markets for Ethereum. Geraci noted that Coinbase’s analysis suggested a strong correlation between Ethereum futures and spot markets, akin to that observed in Bitcoin markets. He also mentioned the SEC’s previous approval of future Ethereum ETFs traded on the CME, questioning the rationale behind any hesitation in approving spot Ethereum ETFs.
The meeting underscored the ongoing efforts by Grayscale and Coinbase to navigate the regulatory landscape and secure approval for an<a rel="noopener noreferrer nofollow" href="https://www.sec.gov/comments/sr-nysearca-2023-70/srnysearca202370-442459-1130542.pdf"> Ethereum ETF</a>. Their engagement with the SEC reflects the broader industry’s desire to expand the range of crypto investment products available to investors.
<h2 id="strong-market-impact-and-investor-interest-surge-strong">Market Impact and Investor Interest Surge</h2>
The talks between Grayscale, Coinbase, and the SEC occurred two months after the regulatory body approved over a dozen spot bitcoin ETFs. This decision had a profound impact on the cryptocurrency market, driving prices to record highs and fueling investor demand for crypto investment products. Both <a href="https://coingape.com/breaking-bitcoin-btc-price-breaches-70000-ath/" rel="noopener noreferrer nofollow">Bitcoin</a> and ether prices soared, with BTC surpassing $70,000 and <a href="https://coingape.com/ethereums-price-hits-4000-following-bitcoins-record-bull-rally/" rel="noopener noreferrer nofollow">Ethereum </a>breaking the $4,000 mark on Friday.
Read Also: <a href="https://coingape.com/us-appeals-court-revives-investor-lawsuit-against-binance/" rel="noopener noreferrer nofollow">US Appeals Court Revives Investor Lawsuit Against Binance</a>
The post <a href="https://coingape.com/grayscale-coinbase-make-headway-in-ether-etf-approval-bid/" rel="noopener noreferrer nofollow">Grayscale, Coinbase Make Headway in Ether ETF Approval Bid</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Grayscale, Coinbase Make Headway in Ether ETF Approval Bid

Table of Contents

Coingape News Media

Other articles published on Mar 8, 2024

MATIC Price Hits $1.17: Will Its Correlation With ETH Continue?

Here’s Why the BNB Price May Fall Short of $500 Target

Gary Gensler, SEC Chair, Dodges Inquiries on Agency’s Stand on Spot Ether ETFs

Expert Forecasts Major Growth for Solana and Predicts Bitcoin to Hit Six Digits

Philippines Advances Plans for Wholesale CBDC with Project Agila

Exploring Cryptocurrency: Bitcoin Ascends, Altcoins Await Bull Run, and Solana Moves on Big Inves...

Join our free newsletter for daily crypto updates!