Gary

Spot

<p><strong><em>After several shifts, five SEC commissioners will approve or deny VanEck’s spot Ether ETF on May 23.</em>&nbsp;</strong></p>
<p>The US Securities and Exchange Commission (SEC) seems ready to decide to approve or disapprove VanEck’s spot Ether Exchange-traded Fund (ETF). Five SEC members, including Gary Gensler, the Chair of the SEC, are set to cast their votes on May 23.</p>
<h2 class="wp-block-heading" id="strong-spot-ether-etf-decision-s-deadline-approaching-strong"><strong>Spot Ether ETF Decision’s Deadline Approaching</strong></h2>
<p>The long-awaited decision on VanEck’s spot Ether (ETH) ETF application seems to hit a final judgment on May 23 with the voting of five SEC commissioners. Interestingly, the same five SEC Commissioners who cast their vote for spot <a href="https://www.thecoinrepublic.com/2024/03/21/government-and-the-sec-enquiring-ethereum-foundation-eth-bullish/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin(BTC)</a> ETF will be part of spot Ether ETF.&nbsp;&nbsp;</p>
<p>At the press time, ETH was trading at $3,106.15 with a market cap of $373,174,154,970, and BTC was hovering at $67,208.38 with a market cap of $1,323,939,260,324.</p>
<p>TOBTC shared the details on X (Formerly Twitter), expecting Gary Gensler’s vote, potentially being the deciding vote.&nbsp;&nbsp;&nbsp;</p>
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  <p lang="en" dir="ltr">The <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#SEC</a>'s decision on approving spot <a href="https://twitter.com/hashtag/Ether?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Ether</a> ETFs is expected to be determined by a five-commissioner vote this week, with Chair <a href="https://twitter.com/hashtag/GaryGensler?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#GaryGensler</a> potentially being the deciding vote. <br><br>In January, Gensler's vote was crucial in approving spot <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a> ETFs.<br><br> The same commissioners,… <a href="https://t.co/e7Xzfj17G0" rel="noopener noreferrer nofollow">pic.twitter.com/e7Xzfj17G0</a></p>— TOBTC (@_TOBTC) <a href="https://twitter.com/_TOBTC/status/1792424336730599797?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 20, 2024</a>
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<p>Apart from VanEck’s application, ARK Investment Management’s filing with 21Shares is also pending for May 24, just a single day after VanEck’s. However, crypto analysts have no clue about the SEC’s final judgment.&nbsp;</p>
<p>“There is a lack of correspondence between the SEC and VanEck, and application approval would be astonished,” said Ric Edelman, head of the Digital Asset Council of Financial Professionals.</p>
<h3 class="wp-block-heading" id="strong-members-involved-in-the-spot-bitcoin-etfs-strong"><strong>Members Involved In The Spot Bitcoin ETFs</strong></h3>
<p>This week, Gary Gensler might decide whether to approve or disapprove the spot Ether ETF. Earlier in January, five SEC commissioners looked at a similar fund for Bitcoin.&nbsp;</p>
<p>Hester Pierce and Mark Uyeda, who support cryptocurrencies, said yes to it. On the other hand, Caroline Crenshaw and Jaime Lizárraga disagreed with it.&nbsp;</p>
<p>Ultimately, Gary Gensler’s vote was the deciding one, and he voted yes. The Spot Bitcoin ETF got the green light on January 10, 2024, with a final score of 3-2.</p>
<h3 class="wp-block-heading" id="strong-how-the-news-influenced-ethereum-s-price-strong"><strong>How The News Influenced Ethereum’s Price?</strong></h3>
<p>The news on Spot Ether ETF from the SEC’s office formed waves in Ethereum prices.&nbsp;</p>
<p>According to CoinMarketCap, On May 20, after falling to $3,053.27, ETH hit $3,132.93 within a few hours and maintained its bullish behavior.&nbsp; ETH was trading at $3,063.46 on May 19.&nbsp;</p>
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 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/s2R9RMWB65Yjv1T3r7e-zF5zgpqhM1weZvcomVxMkmYtVZ6vlc5Pm6kJDTqSl6RitUGmGBRCqSrxBAFmT0Sw4RZRLsB3ngQdZOnVh6btCXSzMPSZAI88pcultuY3ugxLsiPdlXZC2qO_Saf9udsA_2Q" alt="">
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<p class="has-text-align-center">Ethereum Price Chart I Source: CoinMarketCap&nbsp;</p>
<p>The pending Spot Ether ETF decision on May 23 and the Court’s ruling on ETH operation boosted investors’s confidence. According to the court, the Ethereum blockchain can operate as a decentralized blockchain without requiring any trusted intermediary.&nbsp;&nbsp;&nbsp;</p>

The Spot Ether ETF Decision in Five Voters’ Hands; SEC Chair’s Role?

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