SEC’s New Approach Fuels Hope for Ethereum ETFs
SEC Commissioner Hester Peirce is optimistic about the approval process for Ethereum ETFs, asserting that the SEC will not repeat past mistakes made in the context of Bitcoin ETF approval.
In a recent interview with Web3.0 host Zac Guzmán, Peirce addressed the question of potential legal battles for Ethereum ETF filers, similar to Grayscale’s previous experience. Peirce confidently stated that the SEC has learned from past errors and is committed to a more efficient and improved approach without the need for court intervention.
NEW: SEC Commissioner Hester Peirce tells me the SEC won't repeat the same mistakes with ETH ETFs after fumbling Bitcoin ETFs:
"That's not how we're going to do our approvals … I think that kind of a lesson will certainly stick with us.pic.twitter.com/QNu52Gmr3H
— Zack Guzmán (@zGuz) January 23, 2024
Known as the ‘Crypto mom,’ Peirce emphasized the SEC’s adaptability and determination to stick to a more refined process as applications for Ethereum ETFs continue to be submitted.
Prior to the recent approval of Bitcoin ETFs, the SEC had consistently rejected applications, leading to legal actions by entities like Grayscale. The US Court of Appeals’ decision in favor of Grayscale prompted a notable shift in the crypto industry, compelling the SEC to reevaluate its stance and subsequently approve eleven spot Bitcoin ETF applications within a short span.
With the focus now on Ethereum ETFs, the SEC is carefully considering its decisions. The verdict on Grayscale Ethereum Trust’s ETF is anticipated within the next two days following a 45-day extension.
READ MORE: Grayscale Dumps $2.14 Billion in Bitcoin Holdings
Additionally, decisions on the Hashdex Nasdaq Ethereum ETF and the Fidelity spot Ethereum ETF have been postponed, with a new decision date set for March 5, 2024.
As the market awaits these determinations, there is speculation that Ethereum’s value could surge to $4,800 upon approval, drawing parallels with the positive impact observed during the launch of Bitcoin ETFs. While similarities are expected, the approval outlook for Ethereum ETFs remains positive at this juncture.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
