Signs are emerging that SEC may be inclined to approve spot Ethereum exchange-traded funds (ETFs), which is something that has set the crypto world on fire.
According to a recent report, SEC is requesting crypto exchanges to speed up their rule change proposals in an effort to hasten a potential approval.
However, while this does not mean that ETF will be approved, it has increased hopes. According to CoinMarketCap data, Ether (ETH) witnessed a considerable surge of 16% within the last 24 hours only. It currently trades above $3,600 hence making it one of the highest levels since September 2022 for this second-largest cryptocurrency by market cap.
Additionally, Bloomberg Intelligence analyst, Eric Balchunas has raised his chances for approving a spot Ether ETF from 25% to 75%, due to a shift perceived in SEC attitude towards the demand. The attention has shifted to VanEck as it is just days away from May 23rd when its fate will be known with respect to the SEC’s verdict.
However, this depends on whether or not the regulatory agency sees Ether as a security or commodity. This began after ether moved from proof-of-work consensus to proof-of-stake protocol last year. Approval could result in a floodgate of other cryptocurrency ETFs being launched into the crypto market.
Also Read: SEC Approval for Spot Ethereum ETFs Depends on 19b-4 Filings
