Ethereum

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Several spot Ethereum ETF applications are waiting to be approved by the United Securities and Exchange Commission (SEC), but Senior Bloomberg Analyst Eric Balchunas does not think it will happen soon. 
<h2 id="strong-spot-ethereum-etf-might-come-within-the-year-strong">Spot Ethereum ETF Might Come Within The Year</h2> 
Grayscale Investment recently withdrew its application for <a href="https://coingape.com/ethereum-etf-why-is-grayscale-dropping-eth-futures-application/" target="_blank" rel="noopener">Ethereum Futures ETF</a>, claiming that it has several futures products already available in the market today. The firm’s CEO Michael Sonnenshein stated that Grayscale will continue to focus on converting its Ethereum Trust (ETHE) into a spot Ethereum ETF. 
While speaking at an event hosted by the Financial Times on Wednesday, Sonnenshein further explained why the company decided to take a break from the Ethereum ETF race. Balchunas’ post was in response to a statement from&nbsp; Sonnenshein, who seemed very positive about getting approval from the securities regulator on its application. 
“Grayscale Ethereum Trust is already an SEC reporting company. We file 10-Ks and 10-Qs [disclosures to the SEC], and we’ve always been a business that pushes our regulators to allow crypto to be brought further and further into the regulatory perimeter,” Sonneshein stated, further expressing confidence in approval. 
The Bloomberg Analyst expressed pessimism regarding the chances of a spot Ethereum ETF this year. However, he believed the approval may come about a year later. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Uh, disagree. We are as pessimistic as ever. I mean at some point it could happen, but not within a year IMO. What they say in denial and the Nov election are big variables that could fine tune the outlook tho. Btw he also said they withdrew the '33 Act Ether Futures ETF bc they… <a href="https://t.co/IpPzgGbgoz">https://t.co/IpPzgGbgoz</a> 
 — Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1788557660129738810?ref_src=twsrc%5Etfw">May 9, 2024</a>
</blockquote> 
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<h2 id="strong-why-did-grayscale-withdraw-its-eth-etf-filing-strong">Why Did Grayscale Withdraw its ETH ETF Filing?</h2> 
The Bloomberg analyst believes the ‘excuse’ presented by Sonnenshein for the withdrawal may not be the actual reason. Balchunas highlighted that the ETF filing was made under the “33 Act Ether Futures ETF” to provide an opening for a potential lawsuit. However, Grayscale’s decision to withdraw defeats the purpose entirely as it shuts the “door for anyone to sue basically.” 
Noteworthy, <a href="https://coingape.com/breaking-grayscale-seeks-sec-nod-for-bitcoin-covered-call-etf/">Grayscale’s spot Bitcoin ETF</a> followed the trend highlighted by Balchunas. It took the intervention of the <a href="https://coingape.com/breaking-court-orders-sec-to-review-grayscales-spot-bitcoin-etf/">U.S. Court of Appeals for the D.C. Circuit</a> for the SEC to reconsider the investment manager’s filing which was later approved with the others in January. 
In the meantime, several spot Ethereum ETF applicants are waiting for the SEC to decide on their applications. ARK 21Shares is still expecting a response by May 23 even though some market observers do not see it coming. 
Similarly, the securities regulator has postponed its decision on <a href="https://coingape.com/just-in-sec-delays-decision-on-invesco-galaxy-ethereum-etf-to-july/">Invesco Galaxy spot Ethereum ETF</a> to July 2024 further sparking the broad uncertainty for approval. 
Read Also: <a href="https://coingape.com/ex-sec-john-reed-stark-unveils-how-sec-registration-aids-crypto-investors/" target="_blank" rel="noopener">Ex-SEC John Reed Stark Unveils How SEC Registration Aids Crypto Investors</a> 
The post <a href="https://coingape.com/spot-ethereum-etf-bloomberg-analyst-projects-new-approval-timeline/">Spot Ethereum ETF: Bloomberg Analyst Projects New Approval Timeline</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Spot Ethereum ETF: Bloomberg Analyst Projects New Approval Timeline

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