The Securities and Exchange Commission (SEC) appears to be showing a growing acceptance of Ethereum spot ETFs, according to Bloomberg ETF analyst James Seyffart. This comes after the SEC approved multiple Bitcoin futures ETFs and is expected to approve Bitcoin spot ETFs in the near future.
In August, the SEC gave the green light to several Ethereum futures ETFs from issuers such as VanEck, ProShares, Bitwise, and Valkyrie. This suggests that the SEC views Ethereum as a commodity rather than a security. The approval of the first leveraged Bitcoin futures ETF in June also indicated a changing regulatory mindset.
While the SEC has not explicitly classified Ethereum, its approval of ETFs implies that it sees ETH as a commodity, which differs from the Commodity Futures Trading Commission’s (CFTC) classification of Ethereum as a security. Commodities generally face fewer regulatory obstacles.
SEC Chairman Gary Gensler has refrained from publicly categorizing Ethereum. Although the SEC has classified other cryptocurrencies as securities in actions against Binance and Coinbase, it has not done so for Ethereum.
However, the SEC’s stance on Ethereum appears to be open for reconsideration following a court case involving Grayscale in August.
According to James Seyffart, there is a 90% chance of Ethereum ETF approvals happening next week, although the timing for Ethereum ETFs is less certain. Denying these approvals would conflict with both the crypto industry and the CFTC’s classification of Ethereum as a commodity.
In conclusion, the SEC’s approval of Ethereum futures ETFs suggests a willingness to classify Ethereum as a commodity. This paves the way for potential approvals of Ethereum spot ETFs, especially considering the expected launch of Bitcoin spot ETFs. However, the exact timing for Ethereum ETFs remains uncertain.
Sources: Altcoin Buzz
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | James Seyffart, Gary Gensler |
| Companies | Valkyrie, VanEck, ProShares, Bitwise |
| Currencies | Ethereum |
| Securities | None |
