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A recent source has revealed that Ethereum Spot Exchange-Traded Fund (ETF) applicants are confident about approval from the United States Securities and Exchange Commission (SEC).
Eleanor Terret Reveals Ethereum ETF Issuers’ Opinions
Fox Business reporter and journalist Eleanor Terret has shared diverse anticipations regarding the SEC’s position, disclosing possible obstacles and several viewpoints. Terret took to the social media platform X (formerly Twitter) to share the development with the crypto community.
In the X post, Terret noted several distinct anonymous sources that have commented on the development. One of the sources that has offered commentary on the subject is a Bitcoin spot issuer with an Ethereum spot ETF application.
Terret reported that the informant conjectured that the SEC would be forced to allow Ethereum spot exchange-traded products. This is due to the successful launch of multiple Spot Bitcoin ETFs two weeks ago.
The journalist also highlighted another reference that weighed in on the potential timeline of approval for the ETH ETFs. According to the source, Ethereum ETFs are expected to be “launched by the end of the summer” this year.
It further backs up the claim by citing Blackrock‘s successful track record of getting BTC ETFs approved and the SEC’s approval of ETH futures ETFs last year as possible factors that could force the regulator to allow ETH ETFs.
Curiously, Terret asked whether SEC Chair Gary Gensler’s stance that Ethereum may be a security would influence the likelihood that ETH ETFs would be approved. The informant then drew attention to Ripple’s partial victory over the SEC in July 2023.
It stated:
The fact that the CFTC believes ETH is a commodity coupled with Ripple’s partial court victory with XRP not being a security during secondary market transactions will make it an uphill battle for Gensler to take the position that most digital assets are securities going forward.
Furthermore, Terret also referenced SEC Commissioner Hester Peirce‘s overview regarding the potential agreement of an Ethereum ETF. She asserted Peirce told Coinage media in an interview that the regulatory watchdog does not intend to “repeat the same mistake of delays with ETH ETFs.”
Pierce stated that the steps taken to accept other products should be applied to exchange-traded products. “We need to be applying ‘regular way’ consideration to these products, the same kind of consideration we apply to similar products,” he stated.
The Regulator’s Stance On the Product
Despite these claims, Terret still believes that the conclusion concerning the subject lies with the SEC. Interestingly, she has also shared a source that proves a negative stance on the matter from the regulator.
The journalist, quoting an insider, said, “Another source tells me the line at the SEC at this very moment is a hard no and there is currently some internal resistance to the idea.”
So far, the Fox journalist expects more details about the SEC’s position in the upcoming months. This is if the staff in the SEC engage mainly on the S-1 filings, as they did with the BTC spot ETFs.
Featured image from iStock, chart from Tradingview.com
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