VanEck Proposes 0.2% Fee for Ether ETF Following Partial Regulatory Win

Investment management firm VanEck has set a fee of0.2% for its proposed spot ether exchange-traded fund (ETF), Reuters reported. Thisannouncement, detailed in a US Securities and Exchange Commission (SEC) filing,comes at a time of significant regulatory advancements for cryptocurrency ETFs.

Paving the Way for Ether ETFs

Last month, the SEC approved applications from majorexchanges such as Nasdaq, CBOE, and NYSE to list ETFs tied to the price ofether, the second-largest cryptocurrency by market capitalization. Thisimportant approval could allow these products to begin trading by the end ofthe year, offering new opportunities for investors.

VanEck is one of nine issuers, including notable nameslike ARK Investments/21Shares and BlackRock, seeking to launch these EtherETFs. The competition in this sector highlights a growing interest in providinginvestors with easier access to cryptocurrency investments without the directownership and associated risks of holding cryptocurrencies like Ethereum.

A spot ether ETF like the one proposed by VanEckallows investors to gain exposure to ether's price movements without managing and storing the digital assets themselves. This simplificationis expected to attract a broader range of investors seeking to avoid thetechnical and security challenges of direct ownership of crypto.

Last year, VanEck entered the Ethereum blockchainspace after launching VanEck Ethereum Strategy ETF (EFUT). The companymentioned that this fund, structured as a C-Corp, seeks to enhance howinvestors could benefit from the future of Ethereum (ETH. EFUT focuses on ETHfutures contracts and offers investors an investment opportunity thatreportedly provides a tax advantage in the long term.

VanEck Ethereum Strategy ETF

Specifically, EFUT invests in standardized,cash-settled ETH futures contracts traded on commodity exchanges registeredwith the CFTC. Initially, the fund will focus on ETH futures traded on theChicago Mercantile Exchange.

Last month, the crypto industry achieved a significantmilestone when the SEC approved the listing of ether ETFs on American exchanges.However, the agency has yet to approve trading of these assets, Finance Magnates reported.

The regulator must approve the S-1 forms filed by potential fund issuers for these assets to be allowed to trade. TheS-1 registration forms contain detailed information about new securities to beoffered to the public. For ETFs, these forms include the funds structure,management, and investment strategy, along with details on the methods oftracking the performance of the underlying assets.

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Ethereum price in bull market after spot ETH ETF approvals greenlight rally toward $4K

With the spot ETH ETFs approved, traders are confident that Ethereum price is ready to rally well above $4,000.

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Spot Ether ETFs are now officially legal in the US: Law Decoded

Spot Ether ETFs might be weeks or months away from debuting on exchanges, as the ETF filers have yet to receive their S-1 SEC registration.

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What comes after spot Ether ETF approvals? Execs weigh in

Consensys director of global regulatory matters Bill Hughes interpreted the approval as an admission that Ether is a commodity.

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Ethereum ETF Approval to Open the Doors for More Crypto ETFs

If you have any semblance of interest in cryptocurrency trading, you shouldve already heard that the Ethereum ETF approval by the SEC (Securities and Exchange Commission) is well on its way. Cryptocurrency investors are about to get the opportunity to buy into some brand new exchnage-listed products in the coming days or weeks, pending final confirmation from the regulator.

The long-held opposition on part of the chief US financial regulator and its Chair Gary Gensler to the second largest cryptocurrency by market cap receiving a dedicated ETF listed on US exchanges, has been largely overcome, and not without political pressure.

Coinciding with the passing of a key cryptocurrency-related bill by the U.S. House of Representatives, called FIT 21 on Wednesday, the Ethereum ETF approval could set the stage for a broader cryptocurrency market rally. That said, the Financial Innovation and Technology in the 21st Century Act still needs approval in the Senate to be signed into law.

Political Pressure for the Ethereum ETF Approval

The approval of the Ethereum ETF has been a marked shift in regulatory opinion - up until this week the market has not been pricing in an approval of the product in the immediate future, and that literally changed with a couple of tweets. Arguably, the first one was from Bloombergs Senior ETF Analyst Eric Balchunas.

Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See https://t.co/gcxgYHz3om

The resulting circa 20% rally in Ethereum was abrupt and caught some of the market wrong-footed, exacerbating the move into a very sharp rally on late Monday. After consolidating in a newly established range after the news, on Thursday morning another bomb tweet from the same author highlighted a newer development.

A bipartisan group of House lawmakers, including Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer, has sent a letter to SEC Chair Gary Gensler urging the approval not only of spot Ether ETFs but also other digital asset ETFs.

A bipartisan group of House lawmakers (incl Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer) have sent Gary Gensler a letter urging the SEC to approve spot Ether ETFs (and 'other' digital assets) bc it offers investors crypto access in regulated transparent safe format pic.twitter.com/YLSJh6n0lF

The lawmakers view the approval of spot Bitcoin ETPs (exchange-traded products) as a significant milestone for both digital assets and financial markets. They believe that these products provide a safe and regulated investment vehicle for cryptocurrency exposure and reflect the SECs commitment to investor protection and modernisation of financial markets.

The letter emphasizes that the transparency and reporting requirements of ETPs will aid in mitigating market manipulation and other illicit activities. The SECs Chairman Gensler is urged to apply the same principles used in approving Bitcoin ETPs when considering Ethereum ETP applications, and highlights that the legal considerations for both are similar.

With the looming U.S. election and a broadly supportive Congress as it relates to new crypto legislation, the next phase of growth for the industry, could be mere months away. Notwithstanding significant liquidity shocks to the market, cryptocurrencies have been legitimised as an accessible investment vehicle, despite the SEC Chair Genslers vocal opposition.

The Financial Innovation & Technology Bill Explained

On Wednesday, House democrats and republicans banded together and passed a new piece of legislation which aims to outline more specific definitions as to which cryptocurrencies are considered securities and will fall under the SECs regulatory umbrella.

If the blockchain used in a cryptocurrency is functional and decentralised, it will fall under CFTCs oversight. As to centralised blockchain networks, those will be designated as securities and fall under the more strict regulatory oversight of the SEC.

Despite opposition from SECs Chair Gary Gensler, who argued that regulatory gaps are to be expected under the proposed framework, FIT 21 passed with the votes from 71 democrats and 208 republicans.

Gensler highlighted that problems for investors continue to be ample and mainly caused by noncompliance with existing rules, instead of regulatory ambiguity. Nevertheless the regulatory body has dropped its opposition to the approval of an Ethereum ETF after political pressure.

The SECs chair expressed his worries that FIT 21 is allowing issuers to self-certify decentralization, thus escaping SEC oversight and potentially operating under lighter CFTC regulation.

The Vice Chairman of the House Financial Services Committee and Chairman of the new subcommittee tasked with overseeing all areas related to digital assets and financial technology, representative French Hill, (R) AR defended the bill, asserting it does not create loopholes or deregulate crypto but provides clarity.

House Financial Services Chair Patrick McHenry highlighted that FIT 21 resolves regulatory confusion between the SEC and CFTC, offering clear rules and strong guardrails for digital asset engagement.

ETFs Beyond Bitcoin & Ethereum

It remains to be seen how can a company prove that the blockchain it uses is decentralised, but with potential ETF approvals for more digital assets, the cryptocurrency regulatory framework in the U.S. is likely to continue its development in the coming quarters.

The events that unfolded this week could be only the beginning of the end of the heavy Bitcoin and Ethereum domination of the cryptocurrency market that has been creeping in since the first rumours of ETF approvals circulated.

With most smaller cryptocurrencies missing the unique rally of the two biggest crypto chains, speculation about the future of future ETF products related to more digital tokens could be starting right around the corner.

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Partial Approval of ETH ETFs Signals US Crypto Policy Shift

Prior to spot Bitcoin ETFs gaining approval in January there was, as deadlines approached, a sense of expectation that the SEC would give the green light to the funds. Critically, the regulatory agency was engaging with applicants, and it was known that BTC was regarded as a commodity rather than as a security.

Compare that to this weeks spot ETH ETF approval, and its a very different story. Until the start of this week, the overwhelming expectation was that ETH ETFs were in line for rejection, amid reports that the SEC had not engaged with applicants, and with uncertainty around how ETH was categorized: as a commodity, like BTC, or as a security that was not properly registered.

As such, reports on Monday that the SEC was suddenly shifting towards approval caught the market entirely by surprise, and by Thursday, what had been almost unthinkable just a few days earlier actually occurred, with spot ETH ETFs gaining approval in the United States.

To say that this official turnaround was not priced in by the markets is an understatement, while from a broader context, what has occurred this week may have considerable long-term significance not just for ETH and its market value, but for the entire crypto industry, and what's more, it ties in closely with American politics.

Democrats Broke Ranks on SAB 121

Just a week before the ETF U-turn, there was a vote in the Senate around an SEC accounting proposal called SAB 121. This proposal would impose strict rules on banks and other institutions holding cryptocurrencies for customers, but was criticized for discouraging companies from taking custody of digital assets, and thereby creating negative knock-on effects for the crypto industry.

However, the Senate voted in favor of an act to repeal SAB 121, and it did so by 60 votes to 38, with several Democrats, including Senate Majority Leader Chuck Schumer, breaking ranks with President Biden and Senator Elizabeth Warrenwho are publicly opposed to cryptoto take what is in practice a pro-crypto stance.

Its notable also that this rejection of SAB 121 came immediately after presidential contender Donald Trump had voiced explicit support for the crypto industry, and this week, the Trump campaign also announced that it was accepting donations in a range of cryptocurrencies. This action reinforced the crypto-friendly message, but the campaign then went further still by declaring that Trump supporters will build a crypto army, making direct reference to Elizabeth Warrens declaration last year that she is building an anti-crypto army.

Perhaps if the crypto industry was still buried in the rubble of the FTX collapse, then Trumps comments wouldnt have mattered. Perhaps, in that case, he wouldnt have made them at all. But the reality is that its not 2022, that BTC has been on the up for the past year and a half, and that those new BTC ETFs have got off to a tremendously bullish start, achieving inflows since launch of around 230,000 BTC, and attracting institutional investors.

That in mind, is it possible that Trump positioning himself as the pro-crypto candidate while Bitcoin is in this kind of form, and at the same time as he takes a polling lead in several swing states, has spooked Democrats and led them to abruptly reposition themselves when it comes to crypto?

Trump's election odds just hit an all-time high. pic.twitter.com/YsODwhSHxr

We may get confirmation in this regard before the end of the month, asprior to the Senate voteJoe Biden let it be known that he would veto the act to reject SAB 121, were it to pass. The president now has until May 28th to sign the act through, and if he goes back on his intent to vetoparticularly after ETH ETFs have been cleared by the SECit would suggest a meaningful change of direction.

Pro-Crypto FIT21 Passes House Vote

Following on from the Senates rejection of SAB 121 came, this week, another highly significant vote. This time, the House of Representatives voted on the Republican-led Financial Innovation and Technology for the 21st Century Act, known as FIT21. This is regarded as a bill aimed at integrating crypto, clearing up confusion around whether assets are securities or not, and creating a regulatory framework, with greater authority shifted from the SEC to the CFTC, which is regarded, for crypto, as the more accommodating agency.

And in this case, again, the pro-crypto side of the argument emerged on top, as the act passed by 279 to 136 votes. Whats more, this meant there was a strong show of support from the left, with 71 Democratsincluding former Speaker of the House Nancy Pelosicrossing party lines.

Notably, pre-vote, there had been a change of tone from President Biden, with a White House statement still opposing the act, but also explaining that the Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, which is a world away from Senator Warrens anti-crypto army. However, this conciliatory note was not evident when it came to SEC Chair Gary Gensler, who issued a characteristically combative statement against FIT21.

It should also be noted that FIT21 is still a work in progress, as it now has to be voted on in the Senate, where it faces the possibility of multiple reviews and markups, meaning the House vote is only an initial step.

ETH ETFs Send a Different Signal

Although spot BTC ETFs were crucial and led the way, the approval of spot ETH ETFs can be interpreted as significant in a distinctly different way. This is because Bitcoin stands apart from the rest of cryptoits the original, the oldest, the most robust, and there areas mentionedno arguments that it should be treated as a security. As such, it was possible for regulators to allow Bitcoin ETFs without, by implication, rubber-stamping the entire crypto industry.

By contrast, Ethereum is perceived as more closely connected with the whole crypto ecosystem, and there is no strong argument for accepting Ethereum while throwing out other similar blockchains, especially as growing networks such as Solana and Avalanche are positioned as market rivals delivering products to directly compete with Ethereum.

That all in mind, if ETH ETF approval was politically motivated, then this year's election race may just have hit the accelerator on a momentous shift away from DCs incumbent anti-crypto guard. Whats more, with one party apparently in flux while the other leans strongly into the issue, we should expect that further shocks are possible.

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Ether ETFs Only Cleared a Hurdle: Final Approval Is Still Pending

The cryptocurrency industry has crossed another milestone, as the US Securities and Exchange Commission (SEC) approved the listing of Ether exchange-traded funds (ETFs) on American exchanges. However, the agency has yet to approve trading.

The Intricacies of Two Forms

The SECs approval yesterday (Thursday) came for the 19b-4 forms tied to the Ether ETFs. Securities exchanges make these so-called 19b-4 form submissions for introducing new products or amending existing rules. For Ether ETF, the 19b-4 forms of Nasdaq, CBOE, and NYSE were approved.

enter the ether pic.twitter.com/YXgKQFP5Nr

However, for trading Ether ETFs, the SEC must approve S-1 forms filed by prospective issuers of the instrument. The S-1 registration forms contain detailed information about new securities to be offered to the public. For ETFs, these forms include the funds structure, management, and investment strategy, along with details on the methods of tracking the performance of the underlying assets. The SEC assesses the risk and transparency of the funds with these S-1 forms.

For the Ether ETF to be available to the public for trading, the SEC must approve both 19b-4 and S-1 forms. As of now, it has only approved the 19b-4 forms, and there is no indication of the approval of the S-1 forms.

The prospective Ethereum ETF issuers who submitted the S-1 forms include BlackRock, Fidelity, Grayscale, VanEck, Franklin Templeton, Ark/21Shares, and Invesco/Galaxy. In recent amendments to their submissions, most of these companies removed the provisions of Ethereum staking.

The SECs statutory period for the approval of S-1 can be extended up to 240 days, and there is no guarantee that a green light to the 19b-4 forms will also lead to the approval of S-1 forms.

While approving the Bitcoin ETFs, the SEC approved both 19b-4 and the S-1 forms at the same time, enabling their trading the very next day of approval.

Has the Market Reacted?

Although anticipation for Ether ETFs was lower than that for Bitcoin ETFs, the buzz around the instrument suddenly burst in the last few days after a senior Bloomberg analyst raised the odds of approval of a Bitcoin ETF from 25 percent to 75 percent.

Subsequently, reports also came that the SEC approved the securities exchanges, asking them to amend their 19b-4 forms, an indication of the incoming approval.

With all these events, the dollar value of Ether rallied aggressively in the markets. The cryptocurrency gained about 30 percent in the last 7 days. However, the approval of the 19b-4 forms failed to create significant volatility.

Its all about liquidity and flow, highlighted IG-owned tastytrades Head, Ryan Grace. ETFs equal institutional flow, and new money into the asset class. Theres debate over the initial demand for ETH, but over time, the pipes exist and this matters to the growth of the asset.

Ether ETF Approved: Why Investing in Ether is Much More Sensible than Bitcoin in 5 PointsA thread 1. Ether is Much Scarcer and Even Deflationary Compared to Bitcoin Unlike Bitcoin, transaction fees on the Ethereum blockchain do not go directly to miners (validators, pic.twitter.com/1xDgWp8KD0

He further pointed out that even if Ether ETFs receive a trading clearance, the results might not be similar to the impact of Bitcoin ETFs on price.

We could see a price squeeze given illiquid ETH supply, Grace added. Around 30% of supply is staked, and while it could be unstaked, ETH is used in DeFi etc., and the supply is not super liquid vs potential demand flows.

Essentially, ETH ETF gives institutions a way to 'diversify' their crypto allocation. Im not expecting there to be as big of an inflow as we saw in the BTC ETFs initially, but maybe we see assets under management approach 50% of BTC ETFs within 6 months.

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Hong Kong Eyes Ether ETF Staking to Outpace US

Hong Kong is considering allowing staking forexchange-traded funds (ETFs) investing directly in ether. The Securities andFutures Commission (SFC) of Hong Kong is engaging the citys cryptocurrency ETFissuers about providing staking services through licensed platforms, The BusinessTimes reported.

Passive Crypto Income

This potential regulatory change could open a newsource of passive income for investors, positioning Hong Kong ahead of the US,where such offering is restricted. Staking offers investors a way to earnpassive income by locking tokens on the Ethereum network to help validatetransactions, currently yielding about 4% annually in additional coins.

If the SFC approves the staking yields, it couldsignificantly enhance the attractiveness of Hong Kongs spot-crypto ETFs, whichhave experienced moderate demand since their launch in April. This move couldgive Hong Kong a competitive edge over the US, which recently approved spotether ETFs applications by Nasdaq, Cboe, and NYSE.

Hong Kong is actively positioning itself as a digitalasset hub, competing with cities like Singapore and Dubai. This follows theimplementation of a dedicated regulatory regime last year aimed at rejuvenatingthe citys status as a financial center after a period of politicalunrest.

Beyond ETFs, Hong Kong is reviewing severalapplications to increase the number of licensed digital asset exchanges.Additionally, it is developing a framework for stablecoins, which are typicallypegged to fiat currencies and backed by reserves of cash and bonds.

In a significant development, the US SEC approved applications from major exchanges like Nasdaq, CBOE, and the NYSE to listETFs tied to the price of ether yesterday (Thursday). Thismilestone potentially paves the way for the launch of these funds later inthe year, pending regulatory formalities and investor disclosures.

US Grants Partial Approval for Ether ETFs

As the SEC deadline to decide the fate of severalapplications for ether ETFs approached, major asset management firms,including BlackRock, Grayscale, and Bitwise, made significant adjustments totheir applications. These adjustments entailed removing provisions for staking.

While staking offers an avenue for generating passive income, the US regulators view it as constituting the offering ofunregistered securities. Hence, companies like BlackRock have explicitly statedin their amended filings that they will not engage in actions related tostaking or additional yield generation using the ether held by their ETFs.

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Breaking: SEC Greenlights Ether ETFs, Issuers Await Final Approval

The US Securities and Exchange Commission (SEC) approvedapplication from major exchanges like Nasdaq, CBOE, and NYSE to listexchange-traded funds tied to the price of ether on Thursday. This approval potentially opens the door forthese products to begin trading later this year.

Issuers to Seek Regulatory Approval

Nine issuers, including VanEck, ARKInvestments/21Shares, and BlackRock, applied to launch ETFs tied to etherfollowing the SEC's approval of Bitcoin ETFs in January. Despite the much-anticipatedpositive feedback, ether ETF issuers must obtain approval for ETF registrationstatements, detailing investor disclosures, before the products can starttrading. Last-Minute Changes

Market participants were prepared for a negativeoutcome, especially considering the lack of engagement from the SEC on theapplications, Reuters reported. However, in an unexpected turn of events, SECofficials on Monday requested the exchanges to make quick adjustments to thefilings, leading to a rush within the industry to meet the new requirements ina short timeframe.

In the run-up towards the deadline for the decision making,the SECs Chair Gary Gensler, known for his skepticism towardscryptocurrencies, declined to comment when asked about the ether ETFs byreporters. The SEC spokesperson also stated that the agency would not providefurther comments on the matter.

However, there is no set timeframe for the SEC todecide on these statements, leaving industry participants uncertain about whentrading could commence.

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Ether ETF Applicants Drop Staking Provisions in Amended SEC Filings

As the decision on US Ethereum exchange-traded funds (ETFs) is approaching, BlackRock, Grayscale, and Bitwise amended their applications with the Securities and Exchange Commission (SEC) yesterday (Wednesday), removing the provisions for staking.

No Staking Yields for Ether ETFs

Staking allows Ethereum holders to earn yield on their holdings, a feature of proof-of-stake cryptocurrencies. Ethereum holders need to lock in their holdings for a set period to support the blockchain operations in exchange for the reward.

However, the SEC sees staking as an illegal offering by cryptocurrency platforms, as the service can be seen as the offering of unregistered securities. The regulator even took action against many cryptocurrency platforms for offering staking to their US customers.

In its amended 19b-4 forms, BlackRock noted: Neither the Trust, nor the Sponsor, nor the Ether Custodian [...] nor any other person associated with the Trust will, directly or indirectly, engage in action where any portion of the Trusts ETH becomes subject to the Ethereum proof-of-stake validation or is used to earn additional ETH or generate income or other earnings.

CNBC is already talking about a Solana ETF. This is the problem with including ETH into the spot ETF game. Theyve opened Pandoras box of shitcoins.Looks like were about to have the free market casino everyones begged for. Ill stick to #Bitcoinpic.twitter.com/e2FOQaxtgc

SECs Decision Looms

The three companies' amendments came ahead of the Thursday deadline, before which the US regulator must decide whether to approve or disapprove VanEck and ARK Investments/21Shares' Ether ETF proposals.

Meanwhile, the three prospective Ethereum ETF issuers were not alone in staking skepticism. Earlier this week, Fidelity dropped staking plans in its amended S-1 forms. VanEck, Franklin Templeton, Invesco Galaxy, and ARK 21Shares also dropped the staking from their filings. However, Hashdex has yet to amend its filing.

The SEC greenlighted the listing of 11 Bitcoin ETFs on American exchanges in January. However, it is still delaying its decision on Ether ETFs.

The tides turned earlier this week when senior Bloomberg analyst Eric Balchunas raised the odds of approval of a Bitcoin ETF from 25 percent to 75 percent. His decision was based on the political pressure faced by the SEC to decide on the Ether ETFs.

Furthermore, reports came out that the SEC asked Nasdaq, CBOE, and NYSE to amend their applications for Ether ETFs.

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Ether ETF Approval Imminent? SEC Asks 3 Exchanges to Amend Filings: Report

The expectation for the approval of an Ether exchange-traded fund (ETF) is heightened as the Securities and Exchange Commission (SEC) asked Nasdaq, CBOE, and NYSE to amend their applications for the crypto instrument by the end of Tuesday, Reuters reported.

Bringing Enthusiasm among Crypto Investors

Although there is no official confirmation, the regulators reported approach to the exchange has sparked enthusiasm in the crypto markets, as the dollar value of Ether has jumped significantly in the past couple of days.

Ether ETF hopes are revived on flurry of application updates https://t.co/JAw6mE8ikY via @business pic.twitter.com/3XJZC68aV8

However, even the SECs greenlight for the exchanges application to list Ether ETFs would only be the first step in the approval process. The agency also needs to approve the ETF registration statements, which is a lengthy process that can take several months before they can start trading.

Meanwhile, the deadline for the SEC to decide on the applications filed by CBOE to list Ether ETFs provided by VanEck and ARK Investments/21Shares is the end of the ongoing week. However, the regulator has yet to engage with the exchange or the issuers on filing details, signalling another delay in the approval. Earlier, the SEC delayed decision on BlackRock's Ether ETF application.

Bitcoin ETFs Cleared the Path

After delaying for a decade, the SEC approved 11 Bitcoin ETFs in one go last January. As anticipated, the move resulted in a Bitcoin rally as it brought the cryptocurrency closer to regular retail and institutional investors.

Earlier this week, Eric Balchunas, a senior analyst at Bloomberg, also raised the odds of approval of a Bitcoin ETF from 25 percent to 75 percent. His decision was based on the political pressure faced by the SEC to decide on the Ether ETFs. He also pointed to the regulators communication with the NYSE and Nasdaq to amend their filings.

Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See https://t.co/gcxgYHz3om

Interestingly, the policies around cryptocurrencies have entered US party politics. Donald Trump, the former US President who is running again in the US Presidential election, directly criticised the Biden Administration and the SEC Chair, Gary Gensler, for their anti-crypto policies. Trump even started to accept donations in cryptocurrencies.

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Standard Chartered expects SEC to greenlight spot Ether ETF this week

Many market analysts recently changed their stance after the SEC unexpectedly requested that exchanges update their 19b-4 filings before the May 24 deadline.

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Kronos Research hacker moves $3.7M to Tornado Cash after Ethereum price surge

The transfer occurred after Ether's price rose over 20% during the past day, boosted by a potential U-turn by the United States SEC.

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Blackrock CEO Larry Fink Very Bullish on Bitcoin Hails IBIT the Fastest Growing ETF Ever

The CEO of Blackrock, the world’s largest asset manager, Larry Fink, says he is “very bullish on the long-term viability of Bitcoin.” Noting that he is “pleasantly surprised” by the demand for Blackrock’s spot bitcoin exchange-traded fund (ETF), he emphasized that the Ishares Bitcoin Trust (IBIT) is “the fastest growing ETF in the history of [...]

The post Blackrock CEO Larry Fink Very Bullish on Bitcoin Hails IBIT the Fastest Growing ETF Ever appeared first on Crypto Breaking News.

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SEC Delays Decision on Invesco and Galaxy Digitals Spot Ether ETF

The United States Securities and Exchange Commission (SEC) has delayed its ruling on the Invesco Galaxy ether exchange-traded fund (ETF), and has now been pushed to potentially July 2024 after opening the proposal to public comments. Invesco and Galaxy Spot Ethereum ETF Decision Delayed by SEC The SEC has once again postponed its verdict on [...]

The post SEC Delays Decision on Invesco and Galaxy Digitals Spot Ether ETF appeared first on Crypto Breaking News.

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SEC Delays Decision on BlackRock’s Spot Ether ETF

The approval of 11 Bitcoin exchange-traded funds (ETFs) could guarantee a similar instrument of Ether as the Securities and Exchange Commission (SEC) delayed its decision on BlackRocks Ether ETF application.

The Fight for Ether ETF Continues

The decision of the US regulator came one day before the deadline on January 25. The SEC cited the need for additional time to review the proposed rule change.

The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change, the SECs Assistant Secretary, Sherry Haywood, noted in the official filing.

Accordingly, the Commission designates March 10, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.

Spot Ethereum ETF Delays will continue to happen sporadically over the next few months. Next date that matters is May 23rd https://t.co/2zBBvHkrVk

After Bitcoin, Its Ether

On behalf of BlackRock, the largest asset management firm with over $9.1 trillion in assets under management, Nasdaq filed for the approval of iShares Ethereum Trust on December 11, 2023. The latest delay in the decision by the SEC is the first the regulator can exercise in a 240-day window.

Other applicants for spot Ether ETFs besides BlackRock are VanEck, ARK 21Shares, Fidelity, Invesco Galaxy, Grayscale, and Hashdex. The deadline for the decision on VanEcks application is May 23, ARK 21Shares is May 24, Hashdex is May 30, Grayscale is June 18, and Invesco is July 5.

Earlier this month, the SEC ended ten years of deadlock, approving 11 spot Bitcoin ETFs to be listed in the United States stock exchanges. All the companies seeking approval for spot Ether ETFs had already listed their Bitcoin ETFs. BlackRocks Bitcoin ETF turned out to be a clear winner in inflows after two weeks, while Grayscale Bitcoin Trust, from a closed fund, is witnessing outflows.

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