The United States securities regulator’s decision to approve the spot Etherexchange-traded funds may not have been a last-minute decision driven by political pressure, according to analysts at research and brokerage firm Bernstein.
One of the leading theories behind the Securities and Exchange Commission’s sudden change in tone toward spot Ether ETFs in May wasHowever, that narrative began looking less credible afterthe SEC’s Staff Accounting Bulletin No. 121 repeal bill, Bernstein analysts Gautam Chhugani and Mahika Sapra wrot in a June 3 report.
The analysts said the “SEC knew it was in a corner on ETH ETF” as it shared the same regulatory set-up as the spot Bitcoin ETFs — including the same spot and futures correlation and several live Ether futures products on the Chicago Mercantile Exchange — which implied Ether’s commodity status.“Regardless, great outcome for the industry,” the Bernstein analysts added.applicants who were “equally surprised” with the SEC’s last-minute approval.
“No one expected an Ethereum ETF approval by the SEC. SEC staff’s radio silence in the run-up to the approval date, was interpreted as likely denial. However, ETF issuers were asked to refile the 19b-4s within 24 hours, 4 days before approval date. “Like most analysts, Bernstein expects the spot Ether ETF flows to be far lower than Bitcoin’s, though there “should be pent-up demand from the same participants as the Bitcoin ETF.
The eight approved Ether ETF issuers are now awaiting for the S-1 registration statements to be signed off by the SEC, which may take
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