Bittime - Crypto asset management giant Grayscale made the unexpected decision to withdraw the 19b-4 filing for Exchange Traded Fund (ETF) product . This withdrawal comes just three weeks before the United States Securities and Exchange Commission ( SEC ) is scheduled to give its final decision regarding the product.
Chronology and Speculation
On May 7, 2024, Grayscale submitted a withdrawal filing for the Grayscale Ethereum Futures Trust, an ETF that would have been listed on the New York Stock Exchange if it received approval. Previously, filed in September 2023, some analysts suspected Grayscale's strategy of using this futures ETF as a "Trojan horse" to pressure the SEC to approve a spot type Ethereum ETF. Bloomberg ETF analyst, James Seyffart, questioned Grayscale's decision to withdraw, considering that the SEC's deadline to decide on another spot Ether ETF application is two weeks away on May 23, 2024.
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Grayscale's decision fueled speculation. Previously, Seyffart and another analyst, Eric Balchunas, estimated that the chances of Ether spot ETF approval on May 23 reached 70%. However, that figure drops to 25% in January 2024. In an interview with CNBC on May 7, SEC Commissioner Gary Gensler stated that a decision regarding an Ether spot ETF is still under consideration. "This is being discussed by our Commission. Our Commission consists of five members, and a decision regarding the application will be taken at the appropriate time," said Gensler.
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SEC Ruling and Other ETF Filings
The SEC has different deadlines for each decision regarding ETFs. The decision on VanEck's application is due on May 23, while ARK 21Shares and Hashdex have deadlines of May 24 and 30, respectively. The applications from Grayscale, Invesco Galaxy, BlackRock and Fidelity will only be submitted in June, July and August.
Nonetheless, many experts in the crypto industry expect securities regulators to rule on all or most applicants simultaneously, as they did with the approval of a Bitcoin spot ETF in January.
How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH ) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH )is available on Bittime with the market pair Ethereum (ETH )To be able to buy Ethereum (ETH )on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH ) on Bittime .
Monitor price chart movements for Ethereum (ETH ) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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