Ethereum
Ethereum ETF Approval Likelihood Increases With Positive Signals From SEC
The United States Securities and Exchange Commission (SEC) appears to be moving toward approving Ether spot exchange-traded funds (ETFs), causing the value of Ether to rise.
Ether has traded as high as US$3,710 in the last 24 hours, according to CoinGecko.
Bloomberg analysts Eric Balchunas and James Seyffart revised their probability of approval from 25% to 75%, citing increased talk about accelerating 19b-4 filings, a crucial step for ETF launches.
This potential regulatory change not only increased the price of Ether, but also spurred a broader market rally, with Bitcoin trading above US$70,000 for the first time since April.
The price rise and market optimism coincide with the SEC’s upcoming deadline to rule on VanEck’s Spot Ether ETF application by May 23.
Even if the market reacts positively, Seyffart warns that the necessary S-1 filings could still experience delays.
The SEC’s evolving stance is influenced by expectations of potential change in crypto policies, including recent pro-cryptocurrency legislation.