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Author: Ben Strack, BlockWorks; Compilation: Deng Tong, Bitchain Vision Realm
Although people agree that the US spot Ethereum ETF is about to be launched, most industry executives agree that regulatory review will be delayed in the short term.
The US Securities and Exchange Commission is expected to make a decision on such product proposals by May 23. Previously, the committee has postponed the decision on several applications.
“I am 100% convinced that it will be approved; I can’t be sure when it is 100%,” pointed out by Christopher Perkins, president of Coinfund.”In addition, we don’t have more regulatory determination, which is ridiculous.”
When SEC approved the spot Bitcoin ETF product in January, Chairman Gary Gensler said in a statement that the operation was “limited to ETP that holds a non -securities commodity Bitcoin.”
Gensler added that this approval was “the most sustainable forward road”, partly because the SEC lost to GrayScale Investments in court last August.
GrayScale CEO Michael Sonnenshein said on Tuesday that the key to the lawsuit is “inseparable connections” between the supervised Bitcoin futures market and the spot market.
The view is that the US Securities and Exchange Commission has approved the Bitcoin Futures ETF, so it is unfair to reject spot BTC products.GrayScale has achieved legal victory. In the past 10 weeks, 10 spot Bitcoin ETFs have traded in the US market.
US securities regulators allow Ethereum Futures ETF to start transactions in October——The industry observers point out this fact when the Ethereum Etf is inevitable.
These funds are the same as Bitcoin Futures ETF, holding futures contracts on the Chicago Commercial Exchange (CME) transactions, which are supervised by the Commodity Futures Trading Commission.
Sonnenshein said: “We now see a series of very similar data, even if it is not stronger, it proves the Ethereum regulatory market … the correlation between the Ethereum spot market.” “The problem is only in May this year this yearWhen the SEC gives the first deadline, is the data in front of them really convincing. “
The founder of Skybridge Capital, Anthony Scaramucci, believes that this is not the case.
When asked if Ethereum ETF would be approved, he said at a group meeting on Wednesday on Wednesday: “Maybe it will be at the end of this year, but the possibility of in May is very small.”] Take measures to postpone it. “
Bloomberg Information Analyst James Seyffart saidThe US Securities and Exchange Commission lacks contact with the issuer so far, which seems to show the denial attitude in May.
Bitwise Chief Investment Officer Matt Hougan said in Sonnenshein’s group discussion that the US Securities and Exchange Commission waited for another period of time to approve the Ethereum ETF.
He believes that if such funds are launched at the end of the year rather than May, they will gather more assets.
“Wall Street and traditional finance have just begun to absorb the huge thing of Bitcoin,” Hougan said.”They just started to contact it, and I think you need to give them longer to digest.”
Ethereum ETF decisions have new confusion?
“Fortune” magazine reports that the US Securities and Exchange Commission has summoned several American companies that deal with the Ethereum Foundation (responsible for supervising the Organization of Ethereum blockchain).
Ethereum network developer Pablo Pettinari said that although Blockworks has not confirmed the report, the Ethereum Foundation “received voluntary inquiries from the national authorities, including confidentiality requirements.”
Willkie Farr & amp; Gallagher partner Mike Selig said in the X post, “The encryption agreement foundation is extremely common to receive the request of information from the Federal and State Regulatory Institutions.”
Nevertheless, the possible investigations have re -raised a problem over the years:Is Ethereum securities or commodity?Industry observer pointed out that this issue will affect the SEC’s decision on Ethereum ETF.
Although CFTC will marked with the Ethereum as a product, when asked about the status of ETH, Gensler has not given a clear answer.
William Hinman, then director of the financial department of the SEC enterprise, said in a 2018 speech, “The current Ethereum quotation and sales are not securities transactions.”
In a series of posts on X, Coinbase Chief Legal Officer Paul Grewal said that SEC “has no sufficient reason” to refuse the spot Ethereum ETF application.
“We hope they will not try to invented a cryptocurrency by questioning the long -term regulatory status established by ETH.
A16z Crypto Global Policy Director and former CFTC member Brian Quitenz is also expressed on X,When SEC approved the Ethereum Futures ETF, “clearly acknowledged” ETH is “non -securities and does not belong to its jurisdiction.”
He added: “In view of the SEC notifying the market that ETH is not within its jurisdiction, if the SEC delays or refuses Ethereum ETF, then it will be interesting to observe what excuses it will use (if so).”
Ethereum ETF needs to wait
The potential Ethereum spot ETF adds a statement about pledged their holding assets in its application.
The pledge Ethereum is stored in ETH to help protect the Blockchain of Ethereum, and thereby earn ETH income.
For example, the proposal revised by Ark Invest and 21Shares last month pointed out that the initiator “may pass one or more trusted pledges to provide part of the assets for pledged trusts in one or more trusted pledge.”
Fidelity and Gray added similar words to the proposal earlier this week.
Gemini chief operating officer Marshall Beard said he believesSEC may take six to nine months to approve the spot Ethereum ETF.
He added that the Ethereum Etf Etf “will not be the first edition.”
Gemini is already the custodian of VANECK spot Bitcoin ETF, and is discussing related ETH funds.
Beard pointed out: “In terms of supervision, operation and technology, there are many complex problems that need to be solved.”
ETF.COM senior analyst Sumit Roy agrees that it is difficult to imagine that SEC will allow potential Ethereum ETF to pledge its assets.
He added:“The function of pledge makes Ethereum and other equity certification cryptocurrencies more like securities, and SEC will not be optimistic about this.”
