Ethereum

Spot

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/sec-will-decide-on-vanecks-spot-ethereum-etf-this-week/" data-wpel-link="internal">SEC Will Decide on VanEck’s Spot Ethereum ETF This Week</a> 
US Securities and Exchange Commission (SEC) will make its final decision on VanEck’s spot Ethereum ETF this week. The decision could hinge on a single vote, reminiscent of SEC Chairman Gary Gensler’s January vote approving spot Bitcoin ETFs. The same five commissioners will cast their votes on May 23, and their approaches to cryptocurrency may offer some insights into the potential outcomes. 
<h2 style="text-align: justify" id="strong-key-sec-members-and-their-stances-on-cryptocurrency-strong">Key SEC Members and Their Stances on Cryptocurrency</h2> 
Known as “Crypto Mom” for her pro-crypto stance, Hester Peirce has consistently supported cryptocurrencies. While her vote on the spot Ethereum ETF is not yet confirmed, her involvement with the Ethereum community and criticisms of the SEC’s regulatory approach suggest she might vote in favor. 
On the other hand, SEC member Caroline Crenshaw, known for her strong criticism of the cryptocurrency industry, has a somewhat predictable stance. Crenshaw opposed the approval of spot Bitcoin ETFs, citing concerns about market manipulation and lack of regulation. There is no indication her stance has changed, making it likely she will vote against the spot Ethereum ETF. 
Like Peirce, Mark Uyeda also criticizes the SEC’s regulatory tactics. Despite concerns about the SEC’s decision-making process, he voted to approve spot Bitcoin ETFs. His vote on the spot Ethereum ETF remains uncertain, but his support for spot Bitcoin ETFs suggests he might be inclined to approve. 
Another SEC member, Jaime Lizarraga, is known for opposing spot Bitcoin ETFs and expressing doubts about cryptocurrencies’ role in financial inclusion. He views most cryptocurrencies as securities and believes they operate illegally, making it unlikely he will support the spot Ethereum ETF. 
Meanwhile, Chairman Gary Gensler voted to approve spot Bitcoin ETFs, potentially influenced by Grayscale’s successful appeal against the SEC. His stance on the spot Ethereum ETF is less clear. Gensler has avoided clarifying ETH’s regulatory status and faces pressure from an ongoing investigation into ETH’s classification. 
<h2 style="text-align: justify" id="strong-potential-outcomes-and-market-impact-strong">Potential Outcomes and Market Impact</h2> 
At this point, it can be said that Gensler’s vote is very important, even decisive. The SEC’s approach to spot Ethereum ETFs is under scrutiny, with mixed signals coming from within the commission. Some fund managers expect a rejection, citing the SEC’s lower engagement compared to spot Bitcoin ETF <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">applications</a>. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-353392" src="https://coin-turk.com/wp-content/uploads/2024/05/Bitcoin-Altcoin-Spot-Ethereum-ETH.png" alt="" width="822" height="262"> 
Bloomberg analysts Eric Balchunas and James Seyffart predict a 25% chance of approval for at least one spot Ethereum ETF on May 23. This represents a significant drop from the 70% likelihood at the start of the year. 
Unsurprisingly, the SEC’s decision will have significant implications for the <a href="https://en.coin-turk.com/bitcoin-ethereum-and-yearn-finance-expectations-btc-eth-yfi-and-2021/" data-wpel-link="internal">cryptocurrency market</a>. An approval could legitimize ETH as an <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investment</a> asset, similar to the impact of the spot Bitcoin ETF approval. A rejection would increase the regulatory challenges faced by cryptocurrencies in the US. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/sec-will-decide-on-vanecks-spot-ethereum-etf-this-week/" data-wpel-link="internal">SEC Will Decide on VanEck’s Spot Ethereum ETF This Week</a></h5>

SEC Will Decide on VanEck’s Spot Ethereum ETF This Week

Table of Contents

COINTURK NEWS

Other articles published on May 20, 2024

Brazil Central Bank Set to Revolutionize Crypto Industry Regulation

According to Onchain Data, Whales Started Accumulating This Altcoin!

Whales Affect XRP Price Movements

Analyst Sees Ethereum’s Price Surge

BREAKING: More Good News About Ethereum Spot ETFs – SEC Accelerates the Process – Approval Could ...

Absent Since FTX 2022 Downfall, Sam Trabucco Resurfaced With Letter Of Endorsement

Join our free newsletter for daily crypto updates!