SEC signals potential approval for Ethereum ETFs, leading to a surge in Ethereum’s value. Analysts raise approval probability to 75%. VanEck’s application deadline approaches, but caution is advised due to potential delays. Crypto policies and legislation influence the SEC’s changing stance.
The recent signs from the U.S. Securities and Exchange Commission to approve spot exchange-traded funds of Ether (ETH) have attracted crypto fans' attention. As a result, In the last 24 hours, Ethereum's (ETH) value has significantly increased, reaching up to $3,810.
The likelihood of approval increased to 75% from 25% by Bloomberg analysts Eric Balchunas and James Seyffart. Their assessment is based on increased discussions on the expedited submission of 19b4 applications, an essential step in introducing ETFs. This news had a positive impact on the market, and for the first time since April, bitcoin had risen above $70,000.
The upcoming deadline for the ruling on VanEck's application for spot Ether ETF, set for 23 May, coincides with the evolution of the SEC's position. Seyffart advises caution while market optimism is prevailing. There may still be delays in submitting the necessary S-1 registration statements, which may temper expectations.
The broader expectations of possible changes in crypto policy are reflected in the SEC's shift in perspective. The regulatory authority's approach is likely to have been influenced by recent legislation in support of cryptocurrencies. Investors are anxiously awaiting the SEC decision, which could significantly impact the Cryptocurrency market as soon as this deadline approaches.
Disclaimer: This article overviews recent developments and does not constitute financial advice. Always conduct your own research and consult with a professional before making investment decisions.
