Reportedly SEC Requests Updated Spot Ethereum ETF Filings from US Exchanges – Get the Full Scoop Here!

Some important evidence supported the chances for Ethereum spot ETF product approval.

As we know, more than half a dozen Ethereum spot ETF applications are in queue to get approval from the United States Securities and Exchange Commission (SEC). In the past few months, the whole crypto community saw how the US SEC body tried to raise questions over the nature of the Ethereum (ETH) coin, which is already a commodity asset.

In an interview with Reuters, Joseph Edwards, head of research at Enigma Securities, said that the Securities regulatory body SEC) has asked US exchanges planning to list spot Ethereum (ETH) exchange-traded funds (ETFs) to update their filings.

Joseph stated that the SEC body was already ready to create issues against Ethereum, following the approval of Bitcoin spot ETF applications in the Jan of this year, but now they’re not in the mood to fight against ETH & probably it’s something that came from somewhere.

“Opposing the ETH ETF after the BTC one was approved always seemed like an odd case for the SEC to try to push, unless they were willing to open up questions on Ethereum’s securities status more broadly, and the call has likely come in somewhere to not take that fight,” added Joseph added.

On 20 May 2024, Bloomberg ETF analysts Eric Balchunas & James Seyffart shared their opinion on the current sentiments around Ethereum spot ETF applications and raised approval odds from 25% to 75%. 

ETF experts openly said that there may be a big role of political pressure.

All these speculations played a vital role in creating a huge bull sentiment among the Ethereum investors. The trade price of ETH coins surged by 21% within 24 hours. 

The current trade price of Ethereum is $3,801 & this trade price is currently 31.5% higher over the last 7 days. 

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