Dear Readers,
All the crypto enthusiasts and crypto lovers are watching so keenly on the Ethereum ETF approval news.
And they are eying on May 23, 2024 for which the result of the Ethereum ETF approval news.
It is with high expectations that the Ethereum ETF applications would be cleared as the same way of BTC ETFs were cleared in a single shot in January 2024.
The first Ethererum ETF applicant VanEck ETH ETF's final deadline is 23rd May 2024- just 11 more days from now.
Then it comes ARK 21 Shares ETH ETF's final deadline is 24 May 2024.
The deadlines of other ETH ETFs are following in the forthcoming months.
But there were more struggles before the BTC ETF approvals before the SEC as we all know. We all knew that even Grayscale won a law suit against SEC which paved a way for the approval of BTC ETFs.
There were two views on approval and rejection of the ETH ETFs before the SEC as of now.
SEC considers ETH as a security which may be a difficult thing to be discussed in line with the ETH ETF approval. There were wide range of debate are going on to consider ETH as a security and commodity. But this has never happened to BTC and everyone were considered BTC as a commodity.
Hence, there are both the chances. All the ETH ETF applications may be accepted or rejected. Or it will be approved or rejected one by one in the final dates of deadline of the submitted applications.
The first result will be out on May 23 on VanEck ETH ETF application.
If ETH ETF application is rejected at this point in time, there are chances that the ETH ETFs would be approved at the end of this year with various representations and further appeals by the AMCs.
If ETH ETF applications get approved, the BTC dominance in the crypto market would be decreased. This would help all the ALT coins to pump up. So we can see a crypto bull market ahead.
There will be a great inflow of investments from various investor segments would be there with the ETH ETFs and there will be global adoption on ETH. And it will also help to have the same ETH ETF approvals in various countries which would help the Ethereum investment portfolio.
If it is negative with the ETF approvals, there will be a down fall in the crypto markets as well.
It is also to be taken into consideration that the present US SEC under Chairperson Gary Gensler is known widely for his not conducive stand for the crypto industries at large. During his tenure only, we have witnessed a variety of law suits against the crypto exchanges Binance, Coinbase, Kraken and Uniswap. Recently the Binance Founder CZ was also sentenced for 4 months jail.
There will be the US General election later this year. This will also taken into consideration.
As of now, Trump is considered to be the supporter for the crypto currencies.
If any news from any kind in the ETH ETF applications, there will definitely be a reaction in terms of upside or downside swings in the crypto market!
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