The SEC has approved the 19b-4 filings for spot Ethereum ETFs, but it appears Bitcoin's price was more affected by the news than Ether's.
The SEC has approved spot ETH ETFs, and while social media users have been celebrating, some industry experts reminded the community that the funds won't begin trading soon.
A co-founder of the Ethereum network, and the founder of the company that revealed how the SEC has deemed Ether a security since March last year, said the approval of spot ETH ETFs has become a matter of political interest.
Several spot Ether ETF applicants have submitted updated 19b-4 filings, suggesting that the SEC has finally provided comments on the applications and triggering a wave of optimism in the crypto industry for the funds that, unlike Bitcoin, have had a more difficult road toward approval.
The SEC appears to have made a sudden change of heart as it reportedly informed exchanges that it was leaning toward approving the much-anticipated spot Ether ETFs.
Ether passed $3,700 Monday, having been stirred by talk in the crypto industry regarding supposed progress in getting spot ETH ETFs approved.
Two brothers were arrested by U.S. authorities following an alleged "novel" scheme that allowed them to swipe off $25 million in Ether in just a matter of seconds.
Gensler, seemingly unmoved by calls for him and the SEC to be held accountable for "misleading" statements regarding Ether's status as a security or a commodity, once again dodged a direct question regarding the world's second-largest cryptocurrency.
Grayscale, which recently saw a reversal in activity around its spot Bitcoin ETFs, has withdrawn its application for Ethereum futures ETFs, raising questions among industry analysts and enthusiasts.
Under increasing pressure over the revelation that Gensler's SEC had viewed Ether as a security before it refused to answer Congress regarding the matter, the House Committee on Financial Services has scheduled a hearing on SEC enforcement next week.
After SEC chair Gary Gensler refused to directly answer Congress last year over whether the regulator deemed Ether a security, it has been revealed through a Consensys filing that the agency already saw ETH as a security as far back as March 2023.
Consensys filed litigation against the SEC following reports that the regulator was investigating the Ethereum Foundation and was requiring companies cooperating with the popular blockchain network to provide documents and financial statements related to the dealings.
The SEC is expected to reject spot Ether ETF applications next month, following recent meetings wherein the regulator's staff reportedly did not proactively engage with applicants.
Hong Kong's financial regulator has approved several spot Bitcoin and Ethereum ETFs, and the crypto community can't be more excited as they deem the move will only increase the adoption of digital assets around the world.
Like a growing number of financial experts, Standard Chartered is also losing hope the SEC will give a green light to spot Ethereum ETFs next month.
Like Bloomberg analysts who believe the SEC's silence is a bad omen, VanEck and CoinShares aren't confident the regulator will actually approve spot Ether ETF applications as it did with Bitcoin ETFs.
The SEC has once again pushed back a decision on BlackRock's application for a spot ETH ETF, also delaying a decision on Fidelity's application – both companies filed an application in November.
Following the approval of spot Bitcoin ETFs, there is much excitement and anticipation in the crypto market for spot Ether ETFs, and it appears U.S. investors are particularly interested in ETH, as per recent data.
The SEC's stance on spot Ethereum ETFs appears less favorable, as it has been described as a "hard no" with reported "internal resistance to the idea."
Peirce, also known as "crypto mom" in the cryptocurrency community, enthusiastically acknowledged the newfound investment opportunities unlocked with the approval of Bitcoin ETFs.
The SEC emphasized the need for an extended evaluation period to make an informed decision regarding approval, disapproval, or the initiation of further proceedings.
The latest movements of ETH stashes by Celsius and FTX underscore the strategic reactions of both crypto businesses to the positive movement of the market.
Unlike BlackRock's spot ETH ETF filing, Fidelity's application did not trigger a massive surge in the price of Ether since the crypto asset was on a downtrend when the news broke.
Just like it created a buzz in the market when it filed an application for a Bitcoin exchange-traded fund (ETF), BlackRock sparked a surge in the price of ETH by registering an iShares Ethereum Trust in Delaware on Thursday.
The prevailing sentiment among developers, as voiced by Prysm developer Potuz, was that "there is no way we are forking mainnet in 2023."
Buterin has finally said his piece about the transactions. He reminded the community that the funds were transferred not for his personal gain but for "some charity or nonprofit or other projects." The receiving organization sometimes uses the funds to meet its operating expenses.
But while the non-profit organization has been mum on the reason behind its latest move, data from token flow-oriented data platform EigenPhi revealed that when it sold 1,700 ETH via Uniswap v3, it came under a Sandwich attack by MEV Bot (0x00...6B40).
While others are optimistic about the launch of Ethereum Futures ETF, analysts noted that it could reduce market volatility but could also dampen the potential of Ether's performance, a trend that typically emerges as the asset class matures.
The positive price movement could be attributed to the anticipation surrounding the Ethereum Futures ETF applications, which according to analysts, could launch as early as next week.
Buterin has been making headlines over the past few weeks not just for his statements related to the cryptocurrency industry but also because of the series of transfers he made.