Ethereum

Donald Trump

The crypto community is waiting in anticipation on whether spot Ethereum ETFs (exchange-traded funds) will be approved or denied by the Securities and Exchange Commission (SEC) on May 23.
While Bloomberg ETF analyst Eric Balchunas <a href="https://insidebitcoins.com/news/bloomberg-says-odds-of-sec-approving-ethereum-etfs-slim-to-none-as-new-filing-details-emerge" rel="noopener noreferrer nofollow">says</a> the chances of approval are ”slim to none,” and Polymarket puts the odds at 16%, Coinbase estimates there is a 30% to 40% chance of approval by the end of the month.
“The market may be underestimating the timing and odds of a potential approval, which leaves room for surprises to the upside,” <a class="c-link" href="https://www.coinbase.com/en-gb/institutional/research-insights/research/monthly-outlook/monthly-outlook-may-2024" target="_blank" rel="noopener noreferrer nofollow" data-stringify-link="https://www.coinbase.com/en-gb/institutional/research-insights/research/monthly-outlook/monthly-outlook-may-2024" data-sk="tooltip_parent">said</a> analyst David Han in a May 15 note. ”There is room for surprise to the upside on this decision.”
Han’s optimism is in part due to the increasing role that crypto is playing in presidential election campaigns, with Republican candidate <a href="https://insidebitcoins.com/news/former-us-president-donald-trump-says-his-campaign-accepts-crypto-donations" rel="noopener noreferrer nofollow">Donald Trump</a> warming up to digital assets.
“It’s also less certain in our view that the SEC would be willing to front the political capital necessary to support a denial,” Han said.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 While BTC has been grabbing the headlines this year, we think ETH has the potential to outperform in the second half. Learn why in our new Outlook.<a href="https://t.co/pNVZFQIb8o" rel="noopener noreferrer nofollow">https://t.co/pNVZFQIb8o</a> <a href="https://t.co/cTaoMhkII0" rel="noopener noreferrer nofollow">pic.twitter.com/cTaoMhkII0</a>
 — Coinbase Institutional 🛡️ (@CoinbaseInsto) <a href="https://twitter.com/CoinbaseInsto/status/1791525634365096340?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 17, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="ethereum-etfs-bolstered-by-legal-case">Ethereum ETFs Bolstered By Legal Case</h2>
A US Department of Justice indictment on May 15 that accused two individuals of wire fraud and money laundering by manipulating the Ethereum blockchain also is positive news for the prospects of eventual ETH ETF approvals.
The indictment emphasized the importance of network integrity, stating that Ethereum operates without a central authority or trusted intermediary, reaffirming the decentralized principles of the blockchain and making it less likely that the SEC can classify ETH as a security that is under its jurisdiction.
“This is inconsistent with ETH being a security as there would be no *management or entrepreneurial* efforts of others, ” Lexproof founder and CEO Orlando Cosme said in a May 16 X post.&nbsp;
These developments helped the ETH price <a href="https://coinmarketcap.com/currencies/ethereum/" rel="noopener noreferrer nofollow">surge</a>&nbsp;over 5% on May 17 to near $3,100 for the first time in 10 days.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 The Emperor has no clothes.
 The SEC is believed to be taking the position that ETH is a security.
 Meanwhile, federal prosecutors at SDNY, who are representing the “United States,” have just alleged that Ethereum is “a decentralized blockchain” with “No central actor” who “runs… <a href="https://t.co/isIP4sV43I" rel="noopener noreferrer nofollow">https://t.co/isIP4sV43I</a> <a href="https://t.co/pe8BdfBtut" rel="noopener noreferrer nofollow">pic.twitter.com/pe8BdfBtut</a>
 — orlando.btc (@Orlando_btc) <a href="https://twitter.com/Orlando_btc/status/1791119287597310463?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 16, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
<h2 id="span-style-font-weight-400-regulator-to-decide-on-vaneck-application-on-may-23-span">Regulator To Decide On VanEck Application On May 23</h2>
The US Securities and Exchange Commission (SEC) is expected to deliver its final ruling on VanEck’s spot Ethereum ETF on May 23.
“Even if the first deadline on May 23, 2024, encounters a rejection, litigation could reverse that decision,” said Han.
<h3 id="span-style-font-weight-400-related-articles-span">Related Articles:</h3>
<ul>
 <li style="font-weight: 400;"><a href="https://www.linkedin.com/pulse/best-altcoins-invest-unveiling-top-picks-maximum-returns-calsona-9ceye/" rel="noopener noreferrer nofollow">Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!</a></li>
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/solana-meme-coin-sloth-debuts-on-htx-monday-20-may-at-12pm-utc-could-binance-be-next" rel="noopener noreferrer nofollow">Solana Meme Coin SLOTH Debuts On HTX Monday 20 May At 12pm UTC – Could Binance Be Next?</a></li>
 <li style="font-weight: 400;"><a href="https://insidebitcoins.com/news/pepe-price-pumps-12-in-a-week-but-investors-are-flocking-to-this-multi-chain-dogecoin-derivative-and-its-53-annual-yield" rel="noopener noreferrer nofollow">Pepe Price Pumps 12% In A Week, But Investors Are Flocking To This Multi-Chain Dogecoin Derivative And Its 53% Annual Yield</a></li>
</ul>

Ethereum ETF Decision Takes Center Stage This Week After ETH Legal Boost And More Upbeat Coinbase

Table of Contents

Inside Bitcoins

Other articles published on May 20, 2024

Why Are Institutional Investors Walking Away From Ethereum’s Products?

Is It Too Late to Buy Dogecoin (DOGE) and Pepe Coin (PEPE)? Billion Dollar Jackpot (BDJ) Predicte...

Top Crypto Gainers Today May 20 – Pendle, Livepeer, Fasttoken, ArcBlock

Decentralizing Ethereum: Buterin’s Strategies for Enhanced Node Operations and MEV Mitigation

BlockDAG Shatters Records with $28.5M Presale! New Dashboard Ignites Frenzy as Chainlink & Flare ...

Silver Outperformed Bitcoin: BTC Needs to Reach This Level to Take Back Its Throne!

Join our free newsletter for daily crypto updates!