Ethereum

James

The approval of the Ethereum ETFs in the US seems to be a dead end, according to Bloomberg analysts, Eric Balchunas and James Seyffart. Both analysts shared their views on X concerning the same and they seem to have the same conclusion on the issue. 
The US Securities and Exchange Commission (SEC) has been studying the proposals for these ETFs, however, the latest actions of the SEC indicate that they see Ethereum (ETH) as a security, not a commodity. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 TLDR: the SEC asked commenters re the Eth spot ETFs whether these filers have properly filed their ETF listing proposals as commodities. This shows the SEC is perhaps considering to Eth is a security in their denial. Our odds of approval remain the same: slim to none. Nice job of… <a href="https://t.co/g9HGPzGyOp" target="_blank">https://t.co/g9HGPzGyOp</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1790384182717190481?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 14, 2024</a>
 </blockquote> 
 </div>
</figure> 
This difference is important because the ETFs for commodities are mostly seen as the ones that can easily be approved whereas the ones for securities are not.&nbsp; 
A decision from the SEC would serve all the parties better. If Ethereum is recognized as a security, it will most probably result in more strict regulations and the end will be the main reason for the Ethereum ecosystem to stagnate. Classifying it as a commodity could become the way to make ETF approvals easier, thus, increasing mainstream adoption. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/05/15/stellar-testnet-announces-protocol-2-upgrades/" target="_blank" rel="noreferrer noopener">Stellar Testnet Announces Protocol 2 Upgrades</a> 
</blockquote>

SEC Likely to Reject Spot Ethereum ETFs, Bloomberg Analysts Say

The Crypto Times

Other articles published on May 14, 2024

Beyond Currency: Why Bitcoin Is the Greatest Store of Value in a Decentralized Financial Future

Coinbase Could Sustain Survival Amid Outages But Will Customers Stay Intact?

Cat-Themed Cryptos Explode After Roaring Kitty Returns To Ignite A Meme Coin Rally Led By GameSto...

Memecoin Mania: PEPE2.0, MAGA, PONKE Lead Meme Coin Rally

There is a New Development in the $9.2 Billion Mt. Gox Earthquake in Bitcoin

Bitcoin, Ethereum, And Solana: Galaxy Digital CEO Predicts Next Market Movements

Join our free newsletter for daily crypto updates!