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Grayscale remains confident that spot Ethereum exchange-traded funds will receive approval from U.S. regulators in May, despite recent speculations surrounding the Securities and Exchange Commission’s engagement with applicants.
Craig Salm, Chief Legal Officer at Grayscale, conveyed the firm’s optimism through a thread on X, addressing concerns surrounding the perceived “lack of SEC engagement” with Ethereum ETF applicants.He highlighted the parallels between the approval process for spot Bitcoin ETFs and their Ethereum-related counterparties, noting that many of the critical issues had already been addressed during discussions with the SEC leading up to the approval of the BTC batch.ETFs.
Addressing concerns about the perceived lack of regulatory engagement, Salm argued against interpreting it as indicative of the approval outcome. He stressed that opinions on SEC’s engagement should not influence expectations as the approval dates approach.Grayscale’s confidence contrasts with the sentiments expressed by Bloomberg ETF analysts Eric Balchunas and James Seyffart, who have revised their odds for spot Ethereum approval in May to a pessimistic 25%.
Coinbase’s chief legal officer, Paul Grewal, reacted to the news, stating, “The SEC has no good reason to deny the ETH ETP applications.”BlackRock, VanEck, Fidelity, and Grayscale, among others, continue to press forward with their spot Ethereum ETF applications. The SEC must decide on VanEck’s application by May 23, expecting all applicants to receive their fate on that date.
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