- Standard Chartered Bank announced the date of likely approval of spot Ethereum-ETFs.
- This is May 23, 2024, the deadline for applications from VanEck and Ark Invest/21Shares.
- At the same time, experts expect that the Ethereum rate will jump to $4,000.
The US Securities and Exchange Commission (SEC) may approve spot Ethereum ETFs on May 23, 2024. This is reported by The Block with reference to a report from Standard Chartered Bank.
“We expect the Commission to approve the applications on May 23, 2024. This is the deadline for the first registered cases [от компаний VanEck и Ark Invest/21Shares]“- the publication quotes the words of a bank representative Jeffrey Kendrick.
In this case, the value of the asset could reach $4,000 if the situation is similar to that which developed in the Bitcoin market after the launch of spot ETFs, the expert added.
The bank's forecast is based on two factors:
- The SEC did not classify Ethereum as a security in lawsuits against crypto exchanges, including Binance;
- The regulator approved the launch of Ethereum futures ETFs in the fall of 2023.
“Grayscale Investments also has a trust in Ethereum, which the company wants to convert into a spot exchange-traded fund. A denial by the SEC will likely lead to another appeal,” Kendrick added.
Let us remind you that the company won the case against the SEC. As a result, the GBTC trust was converted into a spot Bitcoin ETF.
Earlier, Fox Business journalist Eleanor Terrett, citing her sources, said that the SEC could approve spot Ethereum-ETFs by the end of summer 2024.
Experts at the investment bank TD Cowen already cite a different time frame—the end of 2025.