- Grayscale said the Ethereum spot ETF is as powerful as Bitcoin.
- Concerns about approval began to surface.
Grayscale Investments has filed amended filings with the U.S. Securities and Exchange Commission (SEC) to convert its flagship Ethereum (ETH) trust into a spot ETF.
one step closer
Craig Salm, the company’s chief legal officer, told X (formerly Twitter) about the revised Form 19b-4.
This marks a pivotal step in listing Ethereum spot ETF shares on the New York Stock Exchange (NYSE), allowing investors to benefit from the price movements of the world’s second largest digital asset.
If you’re curious, Form 19b-4 is the document filed with the SEC to propose rule changes. This is typically done when a stock exchange seeks to list a new product, such as a spot ETF.
Salm said.
“Investors want and deserve access to Ethereum in the form of a spot Ethereum ETF, and we believe the case is just as strong as a spot Bitcoin ETF.”
Will Ethereum be lucky?
Is your portfolio green? Check out our ETH Profit Calculator
However, unlike in the case of Bitcoin, there has been no clear dialogue between issuers and regulators regarding the Ethereum ETF. Radio silence is adding to uncertainty and lowering the chances of approval, experts say.
Political backlash also began. Senators Jack Reed and Laphonza Butler sent a letter to the SEC urging it to “severely limit” applications for approval of cryptocurrency ETFs. The senators argued that other cryptocurrency markets besides Bitcoin are “much more exposed to misconduct.”