Spot Ethereum ETFs won’t require a legal action to be approved.

A spot An exchange-traded fund called Ethereum ETFs monitors the price of Ethereum. Investors can get exposure to Ethereum through Ethereum ETFs without having to buy and hold the cryptocurrency directly. SEC Commissioner Hester Peirce stated, “We shouldn’t need a court to tell us that our approach is arbitrary and capricious for us to get it right.” “Crypto Mom”, the Commissioner of the US Securities and Exchange Commission, states that the agency will grant applications for Spot Ether exchange-traded funds (ETFs) without the need for legal action.

In an interview with Coinage Media on January 24, Peirce asserted that “we shouldn’t need a court to tell us that our approach is ‘arbitrary and capricious’ for us to get it right.” Furthermore, she emphasized, “We’re not going to do our approvals that way.”

“Crypto Mom,” also known as Hester Peirce, often expresses a comparably favorable position toward cryptocurrency. She stated that the SEC would most likely follow Grayscale’s precedent. nevertheless, she admitted that the facts and circumstances varied greatly with each ETF application. Peirce said, “There’s a lot of work that goes into getting an exchange-traded product ready for market. which includes making sure that the disclosures are lining up with how the product works.”

“Having heard from a court that the approach we were taking was wrong .I think that kind of a lesson will certainly stick with us.”

Spot Ethereum ETFs Approval Timeline and Candidates

ARK 21Shares, Hashdex, VanEck, BlackRock, Fidelity, Invesco Galaxy, Grayscale, and SEC approval are among the spot Ether ETF candidates. Eric Balchunas, a senior analyst for Bloomberg ETFs, estimates that 70% of spot Ethereum ETF approvals will occur by May. The SEC has set deadlines for the decisions on VanEck’s application by May 23, ARK 21Shares by May 24, Hashdex by May 30, Grayscale by June 18, and Invesco by July 5. Applications from Fidelity and BlackRock must decided by August 3 and August 7, respectively. Balchunas recently conveyed to Cointelegraph that Ethereum ETFs are likely to have an easier time getting approval. He also said that it was hard to envision a situation in which spot Ether ETFs would permitted but spot Bitcoin ETFs would not.

“The Ether price is unquestionably related to the Bitcoin price. It will go wherever it chooses. It’s practically like a 15-foot rope following it.”

However, other industry experts are less bullish. Morgan Creek Capital CEO Mark Yusko expects a less than 50% possibility of an approved spot Ether ETF, citing the SEC’s overall hostility against the crypto industry. In addition, SEC Chair Gary Gensler stated in a letter dated January 11 that allowing a spot Bitcoin ETF would not result in the widespread acceptance of other cryptocurrency ETF applications.

“As I’ve said in the past, and without prejudging any one crypto asset, the vast majority of crypto assets are investment contracts and thus subject to the federal securities laws,” 

Gensler wrote, adding that “[the spot Bitcoin ETF approval] should in no way signal the Commission’s willingness to approve listing standards for crypto asset securities.”