Coinbase has announced the launch of Spot Ethereum ETFs. Chief Legal Officer Paul Grewal The executive of Coinbase says that Ethereum can be considered a commodity. Coinbase’s executive told X that ETH can be considered a commodity. “as we’ve always known it to be.”
Also Read: SEC Approves All Spot Ethereum ETFs
The 19b-4 form for Spot Ethereum ETFs has been approved after a long delay. This marks the beginning of official approvals for all ETH ETFs. Coinbase is one of the largest cryptocurrency exchanges in the world and a big supporter of cryptocurrency ETFs. Ethereum, the first crypto ETF on the market will eventually join Bitcoin. This opens the doors for future applicants.
The market predicted what cryptocurrency would be after the launch of the Spot Bitcoin ETFs in 2024. next. All eyes will be on Ethereum.
After the Ethereum ETF forms 19b-4 have been approved by the SEC, all issuers need to do is wait for approval of their S-1 form. The forms must be submitted in order to publicly offer securities and to start trading. SEC could take longer to process the S-1 form of each applicant, particularly if it is still not satisfied with ETFs. This process may take weeks or even months, based on the timeline of the Bitcoin ETFs.
Grewal and other experts are also excited for the first steps towards mass acceptance. Ethereum’s price is likely to rise as Bitcoin experienced after its ETF approval. ETH was trading at over $3,800 as of press time. This is up 4% over the last 24 hours, and more than 25% over the last week.
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Source: watcher.guru