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Home»ETHEREUM NEWS»StanChart believes the SEC will approve an Ethereum ETF in May.
ETHEREUM NEWS

StanChart believes the SEC will approve an Ethereum ETF in May.

By Crypto FlexsJanuary 30, 20242 Mins Read
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StanChart believes the SEC will approve an Ethereum ETF in May.
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Standard Chartered Bank expects the U.S. Securities and Exchange Commission (SEC) to approve ethereum exchange-traded funds (ETFs) by May 23, The Block reported on January 30. It was reported citing a Japanese research report.

These expectations reflect the timeline and approach previously seen in the SEC’s approval process for spot Bitcoin ETFs.

Ethereum classification

Approval of an Ethereum ETF appears likely given the SEC’s previous stance on ETH, according to Geoffrey Kendrick, head of foreign exchange and digital assets research at Standard Chartered.

Unlike certain cryptocurrencies that have been classified as securities in legal cases against cryptocurrency companies, Ethereum has avoided this classification. Additionally, ETH’s presence as a regulated futures contract on the Chicago Mercantile Exchange increases its chances of approval.

Kendrick’s prediction goes beyond mere approval and suggests that the price of Ethereum is likely to surge to $4,000, similar to Bitcoin’s price performance prior to ETF approval. He noted:

“If ETH price moves similarly to what BTC price did ahead of BTC ETF approval, ETH could trade as high as $4,000 by then.”

Ethereum ETF

There are nuances to the potential of Ethereum ETFs. Kendrick expects initial approval to focus on a simple Ethereum ETF that tracks the price movements of ETH. He predicted that more complex products, such as ETFs incorporating staking return rewards, could emerge later, taking the European model as a reference.

Kendrick also mentioned Ethereum’s impending network upgrades, such as Dencun or Proto-Danksharding, which he sees as helping boost the price. These upgrades improve value retention in the Ethereum ecosystem by reducing layer 2 fees and maintaining higher staking rewards.

Kendrick also maintained a positive view on the broader cryptocurrency market, including Bitcoin. His initial forecast predicted that inflows into spot Bitcoin ETFs would skyrocket the price of the flagship cryptocurrency to $100,000 by the end of the year and $200,000 by the end of 2025.

ETH price and market data

At the time of reporting, Ethereum was second in market capitalization and the price of ETH was consolation 3.16% In the last 24 hours. The market capitalization of ETH is $285.23 billion With 24-hour trading volume $9.81 billion. Learn more about ETH ›

TradingView ETHUSD Chart

Market Summary

At press time, the value of the global cryptocurrency market is as follows: $1.68 trillion with 24 hour volume $55.56 billion. Current Bitcoin dominance is 50.83%. Learn more >

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