After the SEC recognized Ethereum as a commodity, we can expect the approval of one or more spot ETH ETFs this year. This is the opinion of James Seyffart, Ethereum analyst at Bloomberg. Details !
May 2024, a decisive month for Ethereum spot ETFs?
The SEC finds itself in the spotlight right now. Because this week, this cryptocurrency regulatory agency must decide on spot Bitcoin ETF requests issued by 14 well-known asset managers.
But we will also note that it only has 4 months to decide on the fate of the Ethereum Spot ETF. The deadline is set for May 2024.
“ James Seyffart, ETF analyst at Bloomberg, said that when the US SEC approved the Ethereum futures ETF last year, it hinted at accepting ETH as a commodity, which indicates thatan ETH Spot ETF could launch this year. The SEC’s final decision on VankEck, ARK 21Shares and Hasdex’s Ethereum Spot ETFs is expected in May 2024. »
THE crypto media Cointelegraph, which followed CryptoQuant’s private webinar on January 4, reported James Seyffart’s comments on ether spot ETFs summarized in the tweet below. On occasion, this financial analyst has expressly addressed this history of Ethereum crypto classification via Commodity Futures Trading Commission registration process.
“ The CFTC blatantly characterizes Ethereum as a commodity. She doesn’t call them titles. […] The SEC has approved Ethereum futures ETFs. Again, Gary Gensler will not explicitly say whether Ethereum is a security or a commodity, but in his action, by recognizing these ETFs as Ethereum futures contracts, he is implicitly accepting these Ethereum futures ETFs as futures contracts. futures on commodities “, he clarified.
And in the current context, the SEC does not seem in any better position to challenge this CFTC classification.
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