SEC Commissioner, Hester Peirce, believes that a court ruling is unnecessary for approving spot Ether exchange-traded fund (ETF) applications. Peirce emphasized that the SEC should not require a court’s intervention to rectify their approach and should learn from past mistakes. While she expects the SEC to apply the precedent set by the Grayscale court ruling, Peirce acknowledges that each ETF application has unique circumstances.
Entities vying for SEC approval of spot Ether ETFs
Several entities, such as BlackRock, VanEck, and Grayscale, are currently vying for SEC approval of their spot Ether ETFs. Bloomberg ETF analyst, Eric Balchunas, estimates a 70% chance of spot Ether ETF approval by May. However, Morgan Creek Capital’s CEO, Mark Yusko, predicts less than a 50% chance of an approved spot Ether ETF, given the SEC’s general hostility towards the cryptocurrency industry.
“SEC Commissioner: ’We shouldn’t need a court to tell us that our approach is arbitrary and capricious.’ ”
Crypto Fear & Greed Index reflects declining sentiment after Bitcoin ETF approval
The approval of spot Bitcoin ETFs in the United States has contributed to a drop in sentiment, as reflected by the Crypto Fear & Greed Index. This index, which dropped to a 100-day low with a score of 48, measures the sentiment of the crypto market. Despite the decline, some analysts believe that spot Ether ETFs have a higher chance of approval compared to Bitcoin ETFs.
Read more here at https://cointelegraph.com/news/spot-ethereum-etf-approval-lawsuit-sec-hester-peirce
