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Ethereum ETF Approval Probability Increases with Positive SEC Signals
The US Securities and Exchange Commission (SEC) appears to be leaning towards approving Ether spot Exchange Traded Funds (ETFs), causing a surge in Ether’s value.
According to CoinGecko, Ether has traded as high as $3,710 in the last 24 hours.
Bloomberg analysts Eric Balchunas and James Seyffart revised their probability of approval from 25% to 75%, citing increased discussion of accelerated 19b-4 filings, a key step in the launch of ETFs.
This potential regulatory change not only boosted the price of Ether, but also spurred a broader market rally, with Bitcoin trading above $70,000 for the first time since April.
The price jump and market optimism coincide with the SEC’s looming deadline to rule on VanEck’s spot ETF filing by May 23.
While the market reacts positively, Seyffart warns that the necessary S-1 registration statements may still be delayed.
The SEC’s evolving position is influenced by expectations of a potential change in cryptocurrency policies, including recent legislation supporting cryptocurrencies.