Grayscale is confident its Spot Ether (ETH) exchange-traded fund will be approved in May, despite recent “chatter” that U.S. securities regulators are “not engaging” with applicants.
“I don’t think the lack of regulatory involvement is indicative of any consequences.” […] I personally am not daunted by that and believe that ETFs should be approved. ” explained Grayscale Chief Legal Officer Craig Sahm said in a March 25 X post.
Salm said that in the months leading up to the Bitcoin Spot ETF’s approval, many of the issues common to Ether ETF Spot ETFs were “unraveled”, including the details of creation and redemption procedures, cash and spot models, asset protection, and loss prevention. ” he explained. and custody.
“So, in many ways, the SEC is already involved, and issuers simply need to be less involved this time,” he said, adding:
“This argument is just as strong as it is for spot #Bitcoin ETFs.”
However, ETF issuers looking to incorporate staking into their Spot Ether ETFs will have additional issues that they will need to “hash out” with regulators. These applicants include Ark 21Shares, Fidelity, Franklin Templeton, and others.
Bloomberg ETF analysts Eric Balchunas and James Seifert recently shared concerns about a “lack of engagement” from the SEC and have since reduced their ETF investments. odds 25% for Spot Ether, which was approved in May.
In a March 25 post about X, Balciunas said: Said It was a “pessimistic 25%”, adding that the lack of engagement appeared to be “deliberate” rather than “procrastination”.
Related: Experts fear SEC Ethereum investigation could be used to suppress ETFs
However, Salm said that with the recent approval of Ether futures ETFs and the regulation of those products as commodity futures, Spot Ether ETFs are in a strong position to be approved as having a “high correlation” between futures and spot products. said.
Coinbase Chief Legal Officer Paul Grewal and former Commodity Futures Trading Commission Commissioner Brian Quintenz reached similar conclusions last week.
BlackRock, VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, Franklin Templeton, and Hashdex are among the Spot Ether ETF applicants vying for SEC approval.
The SEC has until May 23 to decide on Mr. VanEck’s application, and analysts expect all applicants to learn their fate on that day.
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