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Home»ETHEREUM NEWS»Ethereum Spot ETF Reflects Bitcoin’s Pioneering Strength: Grayscale CLO
ETHEREUM NEWS

Ethereum Spot ETF Reflects Bitcoin’s Pioneering Strength: Grayscale CLO

By Crypto FlexsMarch 30, 20243 Mins Read
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Ethereum Spot ETF Reflects Bitcoin’s Pioneering Strength: Grayscale CLO
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Amid uncertainty about the Ethereum spot exchange-traded fund (ETF), Grayscale Chief Legal Officer (CLO) Craig Salm said: express He covers the similarities between Ethereum and Bitcoin spot ETFs and offers his insights on the topic.

The Ethereum Spot ETF is just as powerful as the Bitcoin Spot ETF.

Craig Salm appears optimistic about the approval of an Ethereum spot ETF in the United States. Securities and Exchange Commission (SEC)He believes “the case for the product is as strong as the Bitcoin ETF.”

Grayscale’s CLO emphasized his firm confidence in the product’s approval despite continued negative speculation in the cryptocurrency industry. But his main goal is to shed light on how the SEC’s relationship with the applicant is perceived in that situation.

Salm’s involvement with the committee has been on the community’s radar for the past few months. Bitcoin ETF The approval was granted by the SEC, noting that it had cooperated positively and constructively with Grayscale and several other issuers during this period.

Additionally, there were specific discussions on creation/redemption processes, cash and spot, AP, LP, storage, etc. Salm hinted at potential approval, drawing parallels between Ethereum and Bitcoin ETFs, saying the process is the same.

According to him, the only difference is what the ETF holds. ETH Instead of BTC. Issuers therefore have essentially less to interact with at the moment, as regulatory watchdogs are already engaged in a variety of ways.

This makes Salm optimistic despite the uncertainty surrounding the final approval date, arguing that the outcome should not be determined by a perceived lack of regulatory engagement.

The CLO also emphasized its complete alignment with crypto figures, such as the opinions of Coinbase Chief Legal Officers Paul Grewal and Brian Quintenz on the need for approval of an Ethereum spot ETF.

It’s worth noting that Paul Grawel has previously challenged the SEC’s position. The regulator argued that it lacked sufficient evidence to classify Ethereum as a security or a legitimate basis for rejecting ETH exchange-traded products.

Strong correlation between futures and spot

Salm agrees with the opinions of the people mentioned above and supports the following: ETH ETF approved This is because they should be considered commodity futures and consistent with the ETH futures ETF. This is due to his belief that there is a strong correlation between futures and spot.

Finally, Salm asserted that investors want and deserve exposure to ETH through ETFs, while emphasizing Grayscale’s belief that the case for a spot Ethereum ETF reflects similar strengths to the spot Bitcoin ETF, giving the company’s endorsement. I repeated my support. Meanwhile, the company expects to discuss these important products with its affiliates.

So far, the acceptance probability for ETH exchange products has seen a significant decline over time. data According to research by Polymarket, the odds are now down to around 27%.

ETH trading at $3,655 on 1D chart | Source: ETHUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com

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