Grayscale executive says ETH spot ETF case is just as “strong as it was for spot Bitcoin ETFs”

On Mar 26, 2024

Grayscale executive showed strong confidence in Ethereum spot ETF applications with the US Securities regulatory body, just like the sentiments before Bitcoin spot ETF applications.

The United States Securities and Exchange Commission (SEC) approved a total of 9 Bitcoin spot ETF applications in Jan of this year. Following the approval of BTC ETF, some top fund managers also filed for Ethereum spot ETF products. Over the past couple of months, several types of opinions around Ethereum spot ETF came to light, which showed that there is huge uncertainty around ETH ETF approval.

On 25 March 2024, Grayscale, a digital assets fund manager, executive Craig Salm shared his opinion on the approval chances for ETH spot ETF applications by the SEC body.

Salm said that he didn’t find anything different between BTC ETF & ETH ETF applications and also said that the SEC already engaged in these applications.

The Grayscale executive dragged attention toward the high level of past engagement between the SEC body & BTC ETF applicants. Salm said that the situation is now different & this time the ETF applicants are not required to show more engagement with the SEC body.

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3/ All of these issues were figured out and are identical when comparing spot #Bitcoin to #Ethereum ETFs. The only difference is rather than the ETF holding bitcoin, it holds ether. So in many ways, the SEC already has engaged and issuers simply have less to engage on this time.
— Craig Salm (@CraigSalm) March 25, 2024

Furthermore, Salm dragged attention toward the positive statements passed by some dominant crypto personalities on the ETH ETF applications and said that already Ethereum futures ETF is trading as a commodity, so there is no reason for rejection.

It is worth it to note that some ETH ETF applicants, Ark 21Shares, Fidelity and Franklin Templeton, include the ETH staking process so there are chances that it will cause some significant issues for these applications from the perspective of legal status of ETH.

23 May 2024 is the final date for the SEC body to give a decision on VanEck’s application. ETF experts believe it will be the most important date for the potential approval of ETH ETF approval.