Ethereum

United

Spot

<a href="https://www.newsbtc.com/news/bitcoin/bitcoin-spot-etf-grayscale-outflows/" target="_blank" rel="noopener ">Asset management firm Grayscale</a> Investments has updated its application for an Ethereum spot ETF (exchange-traded fund) with the United States Securities and Exchange Commission (SEC). 
<h2 class="p1" id="strong-ethereum-spot-etf-case-just-as-solid-as-bitcoin-s-grayscale-argues-strong">Ethereum Spot ETF Case Just As Solid As Bitcoin’s, Grayscale Argues</h2> 
According to a recent post on X by Craig Salm, Grayscale’s chief legal officer, the asset management firm has <a href="https://www.nyse.com/publicdocs/nyse/markets/nyse-arca/rule-filings/filings/2024/SR-NYSEArca-2023-70_Am._1.pdf" target="_blank" rel="noopener nofollow">revised its 19b-4 form</a> for an Ether spot ETF. Salm claimed that this move was “important” in an effort for Grayscale to list and trade shares of its Ether Trust on the New York Stock Exchange (NYSE) Arca. 
The chief legal officer <a href="https://x.com/CraigSalm/status/1768750794021511218?s=20" target="_blank" rel="noopener nofollow">stated in his post</a> that investors “want and deserve access” to Ethereum via a spot exchange-traded product, likening the situation to the Bitcoin ETF story. “We believe the case is just as strong as it was for spot Bitcoin ETFs,” Salm said. 
The asset manager is amongst the numerous firms <a href="https://bitcoinist.com/approval-denial-ethereum-etf-sell-the-news-event/" target="_blank" rel="noopener nofollow">looking to issue the first Ethereum spot ETF</a> in the United States, having filed an application with the SEC on October 10, 2023. However, these ETF applications have faced delays multiple times, with the most recent coming against BlackRock’s filing on March 4, 2024. 
As a result, <a href="https://bitcoinist.com/ethereum-etfs-approval-odds-drop-to-35/" target="_blank" rel="noopener nofollow">the likelihood</a> of the SEC approving an Ethereum spot ETF has taken a nosedive in recent weeks. Once-optimistic Bloomberg ETF expert Balchunas even revealed in his latest analysis that the ETH funds now have only a 35% chance of approval. 
<h2 id="strong-sec-chairman-faces-pressure-over-crypto-approval-strong">SEC Chairman Faces Pressure Over Crypto Approval</h2> 
Two US senators of the Democrat party, Sens. Laphonza Butler of California and Jack Reed of Rhode Island, have urged the SEC chairman to avoid approving crypto investment products. In a letter dated March 11, the lawmakers, who are also members of the Senate Banking Committee, asked the Commission to limit future crypto ETF applications. 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 The success of the BTC spot products clearly ruffling some feathers on the Hill. <a href="https://twitter.com/SenatorJackReed?ref_src=twsrc%5Etfw" rel="nofollow">@SenatorJackReed</a> and <a href="https://twitter.com/Senlaphonza?ref_src=twsrc%5Etfw" rel="nofollow">@Senlaphonza</a> write to the <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" rel="nofollow">@SECGov</a> urging:-no further ETPs for other tokens-make life difficult (i.e. examinations/reviews) for brokers and advisers that recommend BTC ETPs <a href="https://t.co/enxdumC02N" rel="nofollow">pic.twitter.com/enxdumC02N</a> 
 — Alexander Grieve (@AlexanderGrieve) <a href="https://twitter.com/AlexanderGrieve/status/1768373756169261076?ref_src=twsrc%5Etfw" rel="nofollow">March 14, 2024</a>
</blockquote> 
Following the approval of 11 Bitcoin spot ETFs in January, the attention of the crypto public has somewhat turned to whether the SEC will do the same for the Ethereum versions. However, this latest letter from the senate seems to further <a href="https://bitcoinist.com/ethereum-etfs-approval-outlook-fades-ahead-may-23/" target="_blank" rel="noopener nofollow">hurt the chances of an ETH ETF approval</a>. 
A part of the letter read: 
<blockquote> 
 Retail investors would face enormous risks from ETPs referencing thinly traded cryptocurrencies or cryptocurrencies whose prices are especially susceptible to pump-and-dump or other fraudulent schemes,” they said. “The Commission is under no obligation to approve such products, and given the risk, it should not do so. 
</blockquote> 
As of this writing, the <a href="https://www.newsbtc.com/analysis/eth/ethereum-price-takes-hit-3680/" target="_blank" rel="noopener ">price of the Ethereum</a> token stands at $3,731, reflecting a 1.2% increase in the past day. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/Zu1Rz9LH/" alt="Grayscale" width="2174" height="1434">

Grayscale Submits Revised Application For Ethereum Spot ETF – What’s New?

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