While Graysacale's lawsuit to turn GBTC into a spot Bitcoin ETF was a turning point in ETF approvals, the SEC approved ETF applications in January after its defeat.
At this point, while all eyes are on spot Ethereum ETF applications after Bitcoin, the market is also divided into two regarding ETH ETFs.
While some expect the SEC to decide collectively on Ethereum ETFs in May, others think that ETH will go through a process similar to Bitcoin ETFs.
SEC member Hester Peirce, known for her support of cryptocurrencies and known as “Crypto Mother”, made statements about spot Ethereum ETFs.
Speaking to the platform called Coinage, Peirce said that he believes that the SEC will not need a lawsuit or court decision to approve the spot Ethereum ETFs pending before it.
“We will not do our approvals like we did with the Bitcoin ETF.
As I said throughout this process, what we need to do is to pay regular attention to these products.
So we don't need a court to tell us that our approach is 'arbitrary and capricious' in order to reach the right conclusion. We won't make the same mistakes.”
Peirce, known for his support for BTC and cryptocurrencies, also harshly criticizes SEC Chairman Gary Gensler. At this point, Peirce was among the members who voted for approval in the spot Bitcoin ETF decision process.
