Craig Salm – Grayscale’s Chief Legal Officer (CLO) – believes the SEC is likely to approve ETFs for Ether spot (ETH) in May 2024.
Salm believes that the SEC is the source of optimism. meetings Grayscale before the approval of Bitcoin-based ETFs. Meetings covered important operational aspects, such as creation/redemption, cash or in-kind contributions and authorized participants (AP), liquidity providers(LPs), custody issues, etc.
Salm asserts It is clear that Ethereum ETFs are similar in many ways to Bitcoin ETFs. Ses arguments centered mainly on the idea that Ethereum ETFs share many similarities with Bitcoin ETFs. This is because the main difference between these two products are the assets they hold.
“In many ways, the SEC already has engaged and issuers simply have less to engage on this time,” Salm wrote.
Salm also reminded the recent approval Ether Futures Exchange Traded Funds (ETFs) and their classifications of commodity futures. Grayscale CLO stated that it was yet another way to support a positive regulatory outcome.
According to him, the correlation between the futures market and the spot product is high. This strengthens the argument for its approval.
Salm also highlighted the fact that this sentiment has already been expressed. echoed Paul Grewal and other insiders in the industry. The Chief Legal Officer for Coinbase has stated that the company was not liable. “no good reason” It is in the SEC’s best interest to reject ETH ETP applications. The SEC’s decision was made on the basis of statements SEC Officials who claimed The ETH is not a form of security.
“We hope they won’t try to invent one by questioning the long established regulatory status of ETH, which the SEC has repeatedly endorsed. That’s not how the law works,” Grewal writes back then.
Salm may not be the only one who is optimistic.
Bloomberg ETF analysts Eric Balchunas, James Seyffart and James Seyffart expressed concerns about the SEC. “lack of engagement,” reducing Expectations for a spot Ether ETF to be approved in May have been reduced by 25%. Balchunas perceives It is important to understand that this position is not merely a mere mistake. “procrastination.”
The SEC currently has filings by BlackRock, VanEck ARK 21Shares Fidelity Invesco, Grayscale Franklin Templeton Hashdex, Grayscale Invesco, Grayscale Invesco, Grayscale Invesco, Grayscale Invesco, Grayscale Invesco, Grayscale Invesko Galaxy and Hashdex. The SEC has received filings from BlackRock, VanEck, ARK 21Shares (formerly ARK), Fidelity Invesco Galaxy, Grayscale Franklin Templeton and Hashdex. deadline The deadline for VanECK’s application has been set at May 23.
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Source: crypto.news