According to BitOoda founder Vivek Raman, May 23 will be a turning point in the cryptocurrency world. “On May 23, we will see all spot Ethereum ETFs approved,” Raman said in a bold statement.
Despite the current cyclical low in ETH sentiment and the SEC's ongoing lawsuits against major ecosystem participants such as Uniswap, Coinbase, and Consensys, Raman remains optimistic. He outlined five key reasons why he believes approval is imminent:
ARK and 21Shares Removed Staking from Their Applications
ARK and 21Shares, whose Spot ETH ETF decisions will be made on May 23, have amended their filings to remove staking. Raman argues that no issuer would preemptively leverage this potential source of free revenue without guidance from a regulator that provides a way forward.
Grayscale Withdraws ETH Futures ETF Application
Grayscale, known for its perseverance in the face of regulatory obstacles, has withdrawn its application for ETH Futures ETF. Raman suggests that Grayscale won't shy away from a winnable fight unless it knows the spot ETH ETF is close.
SEC Approval of ETH Futures ETFs
The SEC has already approved ETH Futures ETFs, which implies that ETH is in the same boat as BTC and is considered a commodity under the CFTC, according to Raman. This confirmation was made after the Merge, meaning proof of stake ETH remains a commodity.
Gensler's Statement regarding ETH
SEC Chairman Gary Gensler stated that ETH is a non-security asset. Despite the current political debate, Raman believes that the ETF decision will force clarification of ETH's status.
SEC Exceeding Its Authority
The SEC has been described as “arbitrary and capricious” by the courts. Raman argues that given the current situation, rejecting the spot ETH ETF would result in another embarrassing loss for the SEC. He suggests that the only move left is to quietly approve ETH ETFs.
*This is not investment advice.