After Spot Bitcoin ETFs, Eyes on Spot Ethereum ETF Applications: Will They Get Approval?

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• Terrett claimed that the fate of Ethereum ETF applications is still uncertain and noted that industry experts have conflicting views on the matter.
• SEC approved the first round of spot Bitcoin applications, boosting confidence among some crypto issuers that the SEC is softening its stance on cryptocurrencies.
• SEC Commissioner Hester Pierce, known as Crypto Mom in the community, discussed the analysis of Ethereum ETFs.

The United States Securities and Exchange Commission approves spot Bitcoin ETFs: What about spot Ethereum ETFs?

Will Spot Ethereum ETFs Receive SEC Approval?

Will the U.S. Securities and Exchange Commission (SEC) approve Ethereum ETFs after approving spot Bitcoin ETFs? Fox reporter Eleanor Terrett claimed that the fate of Ethereum ETF applications is still uncertain and pointed out that industry experts have conflicting views on the matter. BlackRock, VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, and Hashdex are among the applicants racing for approval of spot Ether ETFs, and the SEC is expected to make a decision in a few months.

The securities watchdog approved the first round of spot Bitcoin applications, boosting confidence among some crypto issuers that the SEC is softening its stance on cryptocurrencies. In fact, some parties claiming to have a source within the SEC seem quite confident about the approval of spot Ether ETFs.

Terrett, detailing her findings in a Twitter post, wrote: “A BTC Spot ETF issuer with an ETH Spot ETF application says they are sure that the approval and smooth launch of Bitcoin spots will push the SEC to approve ETH spot ETFs.”

Additionally, another view was reported, believing that the SEC is absolutely against approving the Ethereum ETF. According to this source, the regulatory body rejected this possibility due to “internal resistance.” Another source thinks that BlackRock’s past success in getting approval from the SEC will ensure the launch of spot Ether ETFs by the end of summer 2024.

Speaking about this source, Terrett said, “When I asked if Gensler’s uncertain stance on Ethereum’s potential security status would come into play, the fact that the CFTC sees ETH as a commodity and the partial court victory regarding Ripple’s XRP not being considered a security in secondary market transactions suggests that Gensler adopting the view that most digital assets are securities will be a difficult struggle in the future.”

Crypto Mom Maintains a Tough Stance

SEC Commissioner Hester Pierce, also known as ‘Crypto Mom’ in the community, addressed the analysis of Ethereum ETFs and claimed that there would be no need to file a lawsuit against the SEC to approve Ethereum ETFs. Of course, this refers to the Grayscale court decision that forced the SEC’s hand.

She said: “We don’t need a lawsuit to tell us that we are ‘arbitrary and capricious’… We will not approve our applications in this way.” As explicitly stated by the SEC, the approval of spot Bitcoin ETFs does not automatically mean approval for other applications related to cryptocurrencies.