Will the spot Ethereum ETF be approved on Thursday? Opinion…
On May 23, the SEC is due to consider applications for a spot ether ETF. It seemed that there was no chance of approval this month, everything changed at the last moment.
The stumbling block is the question of whether ether is a security. Galaxy believes that the SEC can make such a feint: to declare that ETH itself is not a security, but the staking services are.
Thus, the recognition of ETH staking as securities-related services will be quite in line with previous SEC statements.
I am sure that Biden will give us a spot Ethereum ETF. Recently, the SEC abruptly changed its position after the vote on SAB 121: Republicans and Democrats voted equally for the lifting of restrictions, showing that both chambers are warm to cryptocurrencies.
What is SAB 121? This SEC rule requires companies that store cryptocurrency for customers to reflect it as a debt (obligation) on their financial statements.
Critics of SAB 121 argue that this rule scares banks away.
Has Biden decided to love the crypt? Of course: his opponent Trump has gained great popularity in the crypto community. A recent poll from DCG showed that 48% of voters in swing states do not trust political candidates who interfere in cryptocurrency.
So the approval of the spot Ethereum ETF will help Biden say that it was under him that the long-awaited ETFs were approved. No one will notice (probably) that he refused to cancel SAB 121.
😎ETFs for ether do not give investors much, when compared with the abolition of SAB 121. Without this rule, much more money would flow into the crypt than through these very ETFs. As long as it is a "liability" for banks, they will have to reserve capital to cover possible losses, and they don't really want to do that.
😉What is the result? I think that rumors about the imminent approval of an ETF on ETH mean that Biden is coming into play.
We are looking forward to May 23rd. Approval is surely waiting for us!
On May 23, the SEC is due to consider applications for a spot ether ETF. It seemed that there was no chance of approval this month, everything changed at the last moment.
The stumbling block is the question of whether ether is a security. Galaxy believes that the SEC can make such a feint: to declare that ETH itself is not a security, but the staking services are.
Thus, the recognition of ETH staking as securities-related services will be quite in line with previous SEC statements.
I am sure that Biden will give us a spot Ethereum ETF. Recently, the SEC abruptly changed its position after the vote on SAB 121: Republicans and Democrats voted equally for the lifting of restrictions, showing that both chambers are warm to cryptocurrencies.
What is SAB 121? This SEC rule requires companies that store cryptocurrency for customers to reflect it as a debt (obligation) on their financial statements.
Critics of SAB 121 argue that this rule scares banks away.
Has Biden decided to love the crypt? Of course: his opponent Trump has gained great popularity in the crypto community. A recent poll from DCG showed that 48% of voters in swing states do not trust political candidates who interfere in cryptocurrency.
So the approval of the spot Ethereum ETF will help Biden say that it was under him that the long-awaited ETFs were approved. No one will notice (probably) that he refused to cancel SAB 121.
😎ETFs for ether do not give investors much, when compared with the abolition of SAB 121. Without this rule, much more money would flow into the crypt than through these very ETFs. As long as it is a "liability" for banks, they will have to reserve capital to cover possible losses, and they don't really want to do that.
😉What is the result? I think that rumors about the imminent approval of an ETF on ETH mean that Biden is coming into play.
We are looking forward to May 23rd. Approval is surely waiting for us!