TL;DR
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There are currently seven Ethereum ETF applications on the SEC’s desk.
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Many folks are skeptical that we’ll see an approval this year (or even next year), given that it took the SEC a decade or so to approve the first Bitcoin ETF.
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When asked about the dumpster fire that was the Bitcoin ETF approval process, and whether the same is going to happen with Ethereum, Hester said this: “Another court case? That’s not how we’re going to do our approvals.” Here’s hoping!
Full Story
Ok, let’s set the stage:
There are currently seven Ethereum ETF applications on the SEC’s desk.
The application with the earliest deadline is May 23, from VanEck.
This is an exciting potentiality, as an exchange traded fund (ETF) would let folks buy/sell Ethereum via the stock market and make the asset accessible to more investors (hopefully attracting greater investment).
But many folks are skeptical that we’ll see an approval this year (or even next year), given that it took the SEC a decade or so to approve the first Bitcoin ETF.
Now, here’s your dose of hopium:
SEC Commissioner, Hester Peirce (aka ‘Crypto Mom’) said that the SEC had:
“Heard from a court that the approach we were taking was wrong, in the sense of not showing the kind of consistency that a regulator needs to show,”
And more importantly, that SEC chair Gary Gensler (the problem child in this whole process), had “reacted accordingly.”
Now, here’s the kicker:
When asked about the dumpster fire that was the Bitcoin ETF approval process, and whether the same is going to happen with Ethereum, Hester said this:
“Another court case? That’s not how we’re going to do our approvals.”
The takeaway:
There’s renewed hope that Bitcoin might have walked – hell, crawled – through the ETF application process, so Ethereum could run.
Fingers, toes, eyes: crossed.
