{"id":598136,"date":"2024-03-16T14:00:15","date_gmt":"2024-03-16T14:00:15","guid":{"rendered":"https:\/\/ktsl888.com\/?p=598136"},"modified":"2024-06-11T08:33:56","modified_gmt":"2024-06-11T08:33:56","slug":"grayscale-submits-revised-application-for-ethereum-spot-etf-whats-new","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/grayscale-submits-revised-application-for-ethereum-spot-etf-whats-new\/","title":{"rendered":"Grayscale Submits Revised Application For Ethereum Spot ETF – What’s New?"},"content":{"rendered":"

Asset management firm Grayscale<\/a> Investments has updated its application for an Ethereum spot ETF (exchange-traded fund) with the United States Securities and Exchange Commission (SEC).<\/p>\n

Ethereum Spot ETF Case Just As Solid As Bitcoin\u2019s, Grayscale Argues<\/strong><\/h2>\n

According to a recent post on X by Craig Salm, Grayscale\u2019s chief legal officer, the asset management firm has revised its 19b-4 form<\/a> for an Ether spot ETF. Salm claimed that this move was \u201cimportant\u201d in an effort for Grayscale to list and trade shares of its Ether Trust on the New York Stock Exchange (NYSE) Arca.<\/p>\n

The chief legal officer stated in his post<\/a> that investors \u201cwant and deserve access\u201d to Ethereum via a spot exchange-traded product, likening the situation to the Bitcoin ETF story. \u201cWe believe the case is just as strong as it was for spot Bitcoin ETFs,\u201d Salm said.<\/p>\n

Related Reading: Behind The Scenes Of Shiba Inu 12% Plunge: What On-Chain Analysis Tells Us<\/a><\/div>\n

The asset manager is amongst the numerous firms looking to issue the first Ethereum spot ETF<\/a> in the United States, having filed an application with the SEC on October 10, 2023. However, these ETF applications have faced delays multiple times, with the most recent coming against BlackRock\u2019s filing on March 4, 2024.<\/p>\n

As a result, the likelihood<\/a> of the SEC approving an Ethereum spot ETF has taken a nosedive in recent weeks. Once-optimistic Bloomberg ETF expert Balchunas even revealed in his latest analysis that the ETH funds now have only a 35% chance of approval.<\/p>\n

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SEC Chairman Faces Pressure Over Crypto Approval<\/strong><\/h2>\n<\/div>\n<\/div>\n<\/div>\n
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Two US senators of the Democrat party, Sens. Laphonza Butler of California and Jack Reed of Rhode Island, have urged the SEC chairman to avoid approving crypto investment products. In a letter dated March 11, the lawmakers, who are also members of the Senate Banking Committee, asked the Commission to limit future crypto ETF applications.<\/p>\n

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The success of the BTC spot products clearly ruffling some feathers on the Hill. @SenatorJackReed<\/a> and @Senlaphonza<\/a> write to the @SECGov<\/a> urging:
-no further ETPs for other tokens
-make life difficult (i.e. examinations\/reviews) for brokers and advisers that recommend BTC ETPs pic.twitter.com\/enxdumC02N<\/a><\/p>\n

— Alexander Grieve (@AlexanderGrieve) March 14, 2024<\/a><\/p><\/blockquote>\n