Contents
- Despite delays from the SEC, analysts predict a 60% likelihood of clearance in May
- Spot Ethereum ETFs have a crucial decision window on May 23
- SEC stances, documents, and hints influence the Ethereum ETF prospectus
There is a 60% probability that the Ethereum spot ETF will be approved in May, according to Bloomberg Intelligence analyst James Seyffart. May 23 is a pivotal day for Seyffart regarding possible approval, even if the SEC has recently delayed BlackRock's and Grayscale's bids.
Although he anticipates delays, he believes the SEC's decision will coincide with this deadline.
Following the SEC's recent approval of many bitcoin ETFs, BlackRock, Grayscale, Ark 21Shares, and VanEck all have ETF decisions pending. Even though Seyffart thinks things will turn out well, he does recognize that the SEC has options to delay the judgment.
The SEC has 240 days from May 23 to decide on the Ark/21Shares and VanEck proposals. According to Seyffart, the most conservative estimate for approval on this day is roughly 60%. He says we'll look forward to 2025 if that doesn't happen.
According to Grayscale's bitcoin ETF plan, the company is targeting a summer 2024 SEC decision to turn the Grayscale Ethereum Trust into an ETF. According to Seyffart, the SEC's learning curve for Ethereum might be longer than that of Bitcoin.
Seyffart is still hopeful but says we must be careful because of all the subtleties. According to Johnsson of Van Buren Capital, one of the reasons for possible approval is the presence of ether futures ETFs.
Seyffart monitors filings and answers that might reveal the SEC's position as May draws near. Commissioner Hester Peirce emphasizes the need to use history to identify Ethereum choices, underscoring the SEC's commitment to a fair approach.
Seyffart uses the spot Bitcoin ETF race from July last year to illustrate the dynamics of uncertainty and change. On May 23, the crypto world will watch for any developments in the spot Ethereum ETF controversy as they eagerly anticipate the SEC's verdict.
Tags : Crypto market cryptocurrency ETH Ethereum