Several reports last month, mentioned that the United States Securities and Exchange Commission (SEC) is considering assigning 'securities' status to Ethereum (ETH). This raises concerns over the approval of an Ethereum spot ETF scheduled for later this month.
SEC Postpones Ethereum ETF Filing Deadline
Scott Johnsson, an analyst from law firm Davis Polk and Wardwell, recently reviewed BlackRock's filing of an Ethereum spot ETF on March 4. Later, the SEC delayed the deadline for BlackRock's application to June, seeking public feedback on whether they should consider these investment vehicles as commodities.
"The ultimate goal is to possibly reject based that these spot filings are improperly filed as commodity-based trust shares and do not qualify if they hold securities," Johnsson said.
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Ethereum ETF Approval Opportunities
Eric Balchunas, an ETF analyst from Bloomberg, noted that the SEC filing is "deeply buried in legal jargon," but this does not change his belief that the regulator's chances of approving an Ethereum spot ETF are "very low."
The SEC faces a decision on whether to approve or reject VanEck's Ether spot ETF on May 23, which marks the first of several pending applications in line.
"The SEC requested comment on the Ethereum spot ETF whether the filer had properly submitted their ETF listing proposal as a commodity. This suggests that the SEC might consider designating Ethereum as a security in their denial. Our chances of approval remain the same: slim to none," Balchunas said on Twitter.
What if the SEC rejects an Ethereum ETF?
If the SEC rejects VanEck's Ethereum spot ETF application on May 23, it will most likely also reject similar applications from Invesco Galaxy, Hashdex, ARK 21Shares, Fidelity, and BlackRock. VanEck's CEO, Jan van Eck, himself is unsure and doubts whether the SEC will approve their application this month.
The decision on Ethereum spot ETFs depends largely on whether the SEC considers ETH a security or a commodity. Despite numerous public statements from Chairman Gary Gensler asserting that ETH is not classified as a security, reports indicate that the commission has initiated an investigation into Ethereum.
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Pergerakan Harga Ethereum
Sebagai aset kripto terbesar kedua di dunia, Ethereum (ETH) terus menghadapi tekanan jual yang kuat dalam sebulan terakhir dan kesulitan bertahan di atas $3.000 (sekitar Rp48 juta). Pada saat artikel ini ditulis, harga Ethereum diperdagangkan sedikit di atas level support kritisnya di $2.900 (sekitar Rp46,4 juta). Jika gagal bertahan, ini bisa memicu koreksi lebih lanjut sebesar 10%.
Saat penulisan harga Ethereum diperdagangkan di level Rp47.790.132 per koin. Performa harga ETH mengalami kenaikan sebesar 1,61% dalam 24 jam terakhir. Berdasarkan pantauan dari data Bittime pada 15/05/2024, ETH menorehkan harga tertinggi dan terendah harian di level Rp47.790.943 dan Rp46.262.508.
Michael van de Poppe's analysis
In his latest analysis, crypto analyst Michael van de Poppe suggested that Ethereum (ETH) is nearing the final stages of its correction.
According to van de Poppe, Ethereum may experience a further decline of around 10% before reaching higher timeframe support levels. However, he remained optimistic, indicating that good times may be coming in the coming weeks.
Conclusion
Regulatory uncertainty over Ethereum's status as a security or commodity by the SEC has created uncertainty for the approval of Ethereum spot ETFs. Despite strong selling pressure and the recent price drop, analysts remain optimistic about Ethereum's long-term prospects. Check Crypto Price Today:
How to Buy Crypto on Bittime
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To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum asset purchase at Bittime is IDR 10,000. After that, then you can make a crypto asset purchase in the application.
Learn the Complete Guide on How to Buy Crypto on Bittime.
Monitor the price chart movements of 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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Regulatory Review of Ethereum ETF Proposal
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
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