Ethereum continues to blow in the crypto market after Blommberg ETF analysts Janes Seyffart and Eric Balchunas shared that the approval probability of spot Ethereum ETFs has increased again.
The long-awaited rise wave has arrived and the rise led by Ethereum (ETH) has mobilized the market and investors.
While analysts state that there may be various reasons behind this change in ETH ETFs, they also think that the SEC may have made its decision on the legal status of Ethereum.
At this point, Galaxy Digital Research Manager Alex Thorn made a new post about Ethereum.
Alex Thorn, who thinks the SEC has made a decision on the legal status of ETH, said, “Since the SEC made a decision on ETH, it may have changed its approach to ETFs.”
Claiming that the SEC could make a distinction as to whether Ethereum is a security or a commodity, Thorn speculates that the SEC may have decided that Ethereum itself is not a security, but staked ETHs (stETH) are.
“If the SEC change of heart speculation regarding Ethereum ETFs is true, I think the SEC has made a distinction regarding ETH. My guess is that the SEC thinks ETH itself is not a security, but staked stETH is.
This would be somewhat in line with reports regarding its various investigations as well as various lawsuits, and perhaps allow the SEC to approve Ethereum ETFs while maintaining its previously stated/discussed views.
(in this case, and perhaps for other reasons, you would expect the SEC to ban ETFs from staking their holdings of ETH)”
Ethereum continues to trade at $3,654 at the time of writing.
if the speculation about a 180 from SEC on the ethereum ETFs is true, i would guess they try to thread a needle between “ETH” NOT being a security and “staked ETH” (or even more flimsily, “staking as a service ETH”) as BEING a security.
that would be somewhat congruent with…
— Alex Thorn (@intangiblecoins) May 21, 2024
*This is not investment advice.
