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Although the outlook for a Bitcoin spot ETF getting approved is optimistic, Seyffart suggests that the prospects for an Ethereum spot ETF are "completely different." He anticipates how the SEC and Gensler might argue the uniqueness of Ethereum products, emphasizing differences in the futures market compared to Bitcoin, stating that it is not as robust or institutionalized. Seyffart underscores the distinction between Bitcoin's proof-of-work model and Ethereum's proof-of-stake model.
He adds that while he disagrees with these perspectives, if the SEC wishes to halt this process, it might delay the decision or assert that Ethereum is a security. However, Seyffart believes that the SEC has implicitly accepted Ethereum as a commodity. He points out that the resolutions for Ark/21Shares and VanEck's spot Ethereum ETFs have final deadlines on May 23rd and May 24th, respectively. Therefore, he thinks that the spot Ethereum ETF is "more likely" to be approved by the end of May.
He states, This doesn't mean they automatically get approved. But I do believe if the spot Bitcoin ETF gets approved, that's 100% a positive signal, a very positive sign that we might see spot Ethereum ETFs get approved, but it hasn't reached a 90% certainty, that's for sure. |
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Post time 21-12-2023 07:12:50
