TL; DR
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There are currently seven Ethereum ETF filings on the SEC’s desk.
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Many people are skeptical that we will see an approval this year (or even next year) as it took the SEC a while decade or so to approve the first Bitcoin ETF.
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When asked about the dumpster fire during the Bitcoin ETF approval process, and whether the same will happen with Ethereum, Hester had this to say: “Another lawsuit? That’s not how we’re going to do our approvals.” Here is the hope!
Full story
Okay, let’s set the stage:
There are currently seven Ethereum ETF filings on the SEC’s desk.
The application with the earliest deadline is May 23, from VanEck.
This is exciting potential, as an Exchange Traded Fund (ETF) would allow people to buy/sell Ethereum through the stock market and make the asset accessible to more investors (hopefully attracting more investment).
But many people are skeptical that we’ll see an approval this year (or even next year) since it took the SEC a while decade or so to approve the first Bitcoin ETF.
Here’s your dose hopium:
SEC Commissioner, Hester Peirce (aka ‘Crypto Mom’) said that the SEC:
“I have heard from a court that the approach we took was wrong in the sense that it did not show the kind of consistency that a regulator should show,”
And more importantly, that SEC Chairman Gary Gensler (the problem child in this whole process) had “responded accordingly.”
Now, here’s the kicker:
When asked about the dumpster fire that was the Bitcoin ETF approval process, and whether the same will happen with Ethereum, Hester said this:
‘Another lawsuit? That’s not how we’re going to do our approvals.”
The takeaway:
There is renewed hope that Bitcoin may have walked – damn crawled – through the ETF application process so that Ethereum could run.
Fingers, toes, eyes: crossed.