Immediately after this week’s event historical approval and a list of 10 Bitcoin ETF SpotExcitement about what could now be a spot ETH ETF has spread throughout the Ethereum community. imminent.
But for those of you worried about having too many celebrations in one week, don’t worry. Securities and Exchange Commission (SEC) Chairman Gary Gensler always attends the parade.
In an interview with CNBC This morning, Gensler offered little encouragement when asked if a spot Ethereum ETF was poised for SEC approval soon.
“We take a look at what we’ve done this week with our cabin on a non-secure product called Bitcoin,” Gensler said. “This is a cabin for one non-securities commodity token, just as there have been approved gold spot exchange-traded products and silver spot exchange-traded products in the past.”
Gensler declined to comment further on the Ethereum ETF specifically. But his choice of words is: By emphasizing his view of Bitcoin as a commodity, the SEC chairman was likely attempting to draw an implicit line between Bitcoin’s status as an unchallenged commodity and the potential status as securities of all other cryptocurrencies, including Ethereum. . .
Gensler has been repeatedly maintained Bitcoin is the only cryptocurrency he clearly considers to be a commodity, meaning it is outside the scope of the SEC.
The SEC has yet to make an official statement on the security status of Ethereum, but the agency has previously signaled: legal documents They consider all Ethereum transactions to fall under their jurisdiction.
If the SEC deems Ethereum a security, regulators will be more hostile to spot Ethereum ETFs than Bitcoin ETFs. Previously rejected essentially for years on end until someone forced them to do so. federal appeals court.
However, the same court decision may force the SEC to approve a spot Ethereum ETF. Like Gensler himself. Mentioned this week In his statement regarding the Bitcoin ETF approval, the “circumstances” surrounding cryptocurrency ETFs have “changed” due to the legal ruling.
The SEC has been ordered to review Grayscale’s Bitcoin ETF application. october That’s because the judges ruled that they couldn’t arbitrarily reject a spot Bitcoin ETF after approving an application for a Bitcoin futures ETF. The SEC has already approved an Ethereum futures ETF. same monthPotentially setting up a parallel legal scenario.
Futures ETFs track the prices of derivatives contracts, giving buyers the ability to buy or sell Bitcoin at a later date. When you buy or sell a futures ETF, you are not actually buying or selling Bitcoin. Spot ETFs are different. The issuer actually purchases and stores Bitcoin on behalf of the customer.
Ethereum has rallied significantly this week on excitement over the approval of a spot Bitcoin ETF, raising hopes that a spot Ethereum ETF could be next. token Reached $2,700 This morning for the first time since April 2022, BlackRock CEO Larry Fink said: CNBC He is fully invested in the Ethereum ETF and believes this week’s events are “just the beginning.”
Editor: Andrew Hayward