SEC will approve Ethereum ETF: Grayscale CEO
After the approval of the first bitcoin ETF, financial institutions see Ethereum based Exchange-traded funds products more likely to get approved by the SEC.
As we know, how the crypto space completed 8 years in wait to see Bitcoin ETF based products. The United States Securities and Exchange Commission approved the first Bitcoin ETF on Monday with the ProShares Bitcoin ETF. Now the crypto industry is looking over the regulators of the United States to accept and give approval for the Ethereum based ETF.
The whole report is about crypto-based ETF products, whether it is futures or spot ETFs doesn’t matter.
GrayScale eyeing on Ethereum ETF
As we know, Grayscale is popularly known for its Bitcoin Trust (GBTC) and recent reports claimed that GrayScale is planning to swap their GBTC fund into Bitcoin spot ETF.
On Monday, Sonnenshein, CEO of Grayscale fund management firm, appeared in an interview with CNBC’s Squawk Box. The whole interview was based on the discussion of the first Bitcoin ETFs approval by the United States regulators.
Sonnenshein said that approval of the first bitcoin ETF by the SEC indicates that the United States regulators are comfortable with the bitcoin-like crypto assets based concept.
Sonnenschein also said that there are huge chances for the Ethereum ETF based products to get greenlight and all is a matter of time. And Grayscale’s CEO believed it’s because of Ethereum competition against Bitcoin, which sometimes surpassed Bitcoin in market cap.
The recent action of the SEC authorities on the Ethereum based ETF was not a much positive indication because VanEck and ProShares had been asked by the SEC to withdraw their ETF application.
However, the whole thing was about the Bitcoin ETF based applications investigation & approval.