United

DeFi

Planet

Spot

<div class="intro-text"> 
 In the last twelve hours, the crypto community has been engaged in a discussion and debate about the United States Securities and Exchange Commission (SEC)’s unique approval process for spot Ether exchange-traded funds (ETFs). 
</div> 
This process differed notably from the one for spot Bitcoin ETFs approval in January, which involved a vote by the five-member SEC committee, including SEC Chair Gary Gensler. The spot Ether ETFs received approval from the SEC’s Trading and Markets Division, meaning the SEC chair did not directly participate in the process. 
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2024/05/u-s-sec-officially-approves-ethereum-etfs-public-trading-yet-to-start/">U.S. SEC Officially Approves Ethereum ETFs, Public Trading Yet to Start</a> 
Also, the regulator’s <a style="color: #0000ff;" href="https://www.sec.gov/files/tm/lk87adfs99.pdf">notice of approval</a> concluded with the statement: “For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.” 
<figure id="attachment_14524" aria-describedby="caption-attachment-14524" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="wp-image-14524 size-full" src="https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-24-at-12.53.07.png" alt="" width="1532" height="416" srcset="https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-24-at-12.53.07.png 1532w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-24-at-12.53.07-300x81.png 300w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-24-at-12.53.07-1024x278.png 1024w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-24-at-12.53.07-768x209.png 768w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-24-at-12.53.07-1320x358.png 1320w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-24-at-12.53.07-600x163.png 600w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-24-at-12.53.07-750x204.png 750w, https://defi-planet.com/wp-content/uploads/2024/05/Screenshot-2024-05-24-at-12.53.07-1140x310.png 1140w" sizes="(max-width: 1532px) 100vw, 1532px">
 <figcaption id="caption-attachment-14524" class="wp-caption-text">
 Concluding Statement in the U.S. SEC’s Approval Notice &nbsp;Source: <a style="color: #0000ff;" href="https://www.sec.gov/files/tm/lk87adfs99.pdf">SEC</a>
 </figcaption>
</figure> 
&nbsp; 
This difference in the approval process between the two crypto ETFs has generated significant curiosity and discussion within the crypto community.&nbsp; 
Bloomberg ETF analyst James Seyffart <a style="color: #0000ff;" href="https://twitter.com/JSeyff/status/1793788787941601355?t=z3JSPKSB3En1VhtyHPBFGg&amp;s=19">called this difference</a> a “norm.”&nbsp; 
<blockquote class="pullquote align-center">
 “Things are typically done in the same way for many approvals,” 
</blockquote> 
Seyffart explained. 
<blockquote class="pullquote align-center">
 “If the SEC required an official vote for every decision or document, it would be overwhelming. It would have been nice to see where the political lines were drawn.”&nbsp;
</blockquote> 
The analyst further <a style="color: #0000ff;" href="https://twitter.com/JSeyff/status/1793768108018266344?t=jw9KGowcQgWquvdRseVbtg&amp;s=19">noted</a> that though the approval was issued through delegated authority, the SEC chief or any other commissioner could potentially question or call for a review of the process. In his words:&nbsp; 
“So far, this is the most intriguing part of the filing to me: The approval was issued via delegated authority which means there won’t be public commissioner votes to see.&nbsp; 
But it also means any commissioner (maybe Crenshaw?) can technically challenge and ask for a review/vote.” 
However, not everyone agreed with Seyffart’s view. An X user, <a style="color: #0000ff;" href="https://x.com/TheThinker345">@TheThinker34</a>, <a style="color: #0000ff;" href="https://twitter.com/TheThinker345/status/1793791120754761853?t=qGRW_Aq2MxXa2z50fJrpyQ&amp;s=19">pointed out</a> that a commissioner could challenge the decision within the next ten days, suggesting that using delegated authority might be a tactic to avoid public voting for political reasons.&nbsp; 
Another user, Kyle Chassé (<a style="color: #0000ff;" href="https://x.com/kyle_chasse">@kyle_chasse</a>), also <a style="color: #0000ff;" href="https://twitter.com/kyle_chasse/status/1793911315280400442?t=Dv7Iu-Fhx1GN50iJqgsgUg&amp;s=19">attributed</a> the SEC’s decision to political pressure and the upcoming U.S. presidential elections. The user noted that the approval seems to be a “strategic trade-off” in implementing ESG (Environmental, Social, and Governance) rules. 
<blockquote class="twitter-tweet"> 
 UNPOPULAR OPINION ON ETH ETF APPROVAL… <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/26a0.png" alt="⚠" class="wp-smiley" style="height: 1em; max-height: 1em;"> 
 Insights on Why ETH Isn’t Mooning and why SEC doesn’t want to comment… 
 Key Points: 
 – 19b-4 Approvals, Not S-1s: Only 19b-4 forms have been approved, not S-1s. 
 – Delegated Authority: The approval was given by the Division of Trading… 
 — Kyle Chassé (@kyle_chasse) <a href="https://twitter.com/kyle_chasse/status/1793911315280400442?ref_src=twsrc%5Etfw">May 24, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
&nbsp; 
If you want to read more news articles like this, visit <a style="color: #0000ff;" href="https://defi-planet.com/">DeFi Planet</a> and follow us on <a style="color: #0000ff;" href="https://twitter.com/PlanetDefi">Twitter</a>, <a style="color: #0000ff;" href="https://www.linkedin.com/company/defi-planet/">LinkedIn</a>, <a style="color: #0000ff;" href="https://www.facebook.com/DeFi-Planet-129907662611402">Facebook</a>, <a style="color: #0000ff;" href="https://www.instagram.com/defi.planet/">Instagram</a>, and <a style="color: #0000ff;" href="https://coinmarketcap.com/community/profile/DeFiPlanet/">CoinMarketCap Community</a>. 
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.” 
The post <a href="https://defi-planet.com/2024/05/spot-ether-etf-approval-crypto-community-questions-secs-use-of-delegated-authority/">Spot Ether ETF Approval: Crypto Community Questions SEC’s Use of “Delegated Authority”</a> appeared first on <a href="https://defi-planet.com">DeFi Planet</a>.

Spot Ether ETF Approval: Crypto Community Questions SEC’s Use of “Delegated Authority”

DeFi Planet

在 2024年5月24日發表的其他文章

IMF Praises Zimbabwe’s Gold-Backed Currency Initiative

Meme Coins: Dogecoin vs. Shiba Inu

Bybit CEO Denies Crypto Hack And Insolvency Rumors

Major Crypto Exchanges Launch ‘Tech Against Scams’ Coalition To Combat Crypto Fraud

DePIN Service Dabba Expands Decentralized Internet Connectivity Across India

Ethereum Altcoins Set for Massive Rally as Whales Snap Up Millions

訂閱免費電子報，每天收取加密貨幣最新動態！