In a landmark move, Grayscale has revised its Form 19b-4 filing with the U.S. Securities and Exchange Commission (SEC) for its Ethereum ETF application. Craig Salm, the Chief Legal Officer at Grayscale, has described this step as pivotal for the company’s aspirations to transition its Ethereum Trust (ETHE) to the New York Stock Exchange (NYSE) Arca platform.
In a recent statement, Salm highlights the importance of providing investors with direct access to Ethereum through a spot ETF. He stated, “Investors want and deserve access to Ethereum as a spot Ethereum ETF.” This sentiment echoes the strong case previously made for the spot Bitcoin ETFs.
The journey towards an Ethereum ETF began last October when Grayscale petitioned the SEC to convert its ETHE into a spot Ethereum ETF. However, the SEC has placed the application under extended review, citing the need for a thorough examination.
The SEC has established multiple deadlines to thoroughly evaluate Grayscale’s proposal, with a decision expected by May 2024. This aligns with the regulatory body’s approach to the earlier spot Bitcoin ETF approvals.
Ethereum ETF Approval Awaited
The potential approval of Grayscale’s Ethereum ETF is anticipated to be a watershed moment for Ethereum, the leading altcoin, in its current bullish phase. The crypto community speculates that the ETF could mirror the positive impact of the spot Bitcoin ETF, which led to increased Bitcoin investments.
Ethereum’s trading price currently stands at $3,720, reflecting a 10% decrease from its recent peak of $4,095, as per TradingView data. Enthusiasts within the cryptocurrency sector are optimistic that an ETF endorsement could significantly bolster Ethereum’s value, especially with the upcoming Bitcoin halving event poised to influence the broader crypto market.
Also, the anticipation surrounding the SEC’s decision is palpable, as it holds the potential to catalyze a new era of growth and accessibility for Ethereum investors. As the crypto landscape continues to evolve, the introduction of a spot ETH ETF could mark a significant stride towards mainstream adoption and investment diversification.
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