Ethereum
Will Ethereum ETF applicants meet with the US SEC and will the ETH price rebound?
As speculation swirls around the approval of Spot ETF Ethereum, Fox reporter Eleanor Terrett revealed that upcoming meetings are planned between ETF applicants and staff members of the United States Securities and Exchange Commission (SEC). The disclosure follows a series of mixed feelings from industry insiders regarding the likelihood of approval.
Ethereum ETF applicants to meet with SEC staff
The keynote began with Nate Geraci, co-founder of the ETF Institute, sharing insights from a conversation with a potential Spot Ethereum ETF issuer. The issuer expressed “extreme pessimism” about prospects for approval. Earlier, Matthew Sigel, head of digital assets research at VanEck, one of the applicants for a Spot Ethereum ETF, echoed a similar sentiment.
Additionally, Sigel’s remarks during a podcast indicated a lack of optimism on VanEck’s part, adding to the prevailing uncertainty. However, Terrett’s revelation suggests a potential change from the SEC’s previous “radio silence.” While these scheduled meetings do not guarantee approval, they mark a departure from the perceived lack of commitment from the regulator.
This new communication could offer Ethereum ETF applicants have the opportunity to address concerns or provide additional information to the SEC. Moreover, it could even potentially influence the decision-making process. The importance of these scheduled meetings lies in the potential for increased transparency and dialogue between ETF applicants and regulators.
Such engagement can help clarify expectations and regulatory requirements, thereby facilitating a more informed assessment of Ethereum ETF proposals. Additionally, this reflects a proactive approach by both parties to manage the complexities of introducing Ethereum-based financial products to the market.
Read also: Ethereum ETF Spot: ARK 21Shares Updates App, No Staking
ETH Price Trend
Additionally, the outcome of these meetings could have broader implications for the crypto and financial markets. The approval of Spot Ethereum ETFs could open the door to broader institutional participation in Ethereum, potentially leading to increased liquidity and market stability. We can therefore expect a rebound in Ethereum prices or even a parabolic surge.
Conversely, a refusal or prolonged delay could dampen investor confidence and even negatively affect the price of ETH. Michaël van de Poppe, a renowned crypto analyst on $.
However, at press time, the price of Ethereum (ETH) recovered from the cryptocurrency sell-off, but was still down 0.13%, trading at $2,919. Meanwhile, ETH market cap and 24-hour trading volume fell by 0.46% and 13.04%, to $351,480,309,908 and $9,569,355,891, respectively.
ETH/USD 24-hour price chart (source: CoinMarketCap)
In the meantime, Ark Invest and 21Shares have removed staking functionality from their combined Ether ETF app. Previously, Grayscale withdrew its Ethereum futures ETF. Netizens believe that Ark 21Shares could prove beneficial for apps as the SEC had previously rejected the staking feature.
Additionally, Grayscale’s delisting of the ETH futures ETF is also seen as a positive development. The community believes that the asset manager would not abandon the application if it was not sure of an imminent approval of the Spot Ethereum ETF. The narrative stems from Grayscale’s fierce battle in the Spot Bitcoin ETF arena, which led to the approval of these investment products.
Read also: Bloomberg reveals reasons for falling prices of Bitcoin, ETH, SOL, XRP and SHIB