According to a report from Standard Chartered Bank, the SEC is expected to approve spot Ethereum-ETFs on May 23, 2024.
This is reported by The Block, citing a spokesperson for the bank named Jeffrey Kendrick. The bank predicts that if approval is granted, the value of Ethereum could potentially reach $4,000, which would be similar to the effect seen in the #bitcoin market after the introduction of spot #ETFs.
The bank's prediction is based on two key factors. First, the SEC has not classified Ethereum as a security in previous court cases involving cryptocurrency exchanges, including #Binance. Second, the regulator has already approved the launch of Ethereum-ETF futures in the fall of 2023. Kendrick also mentioned that #Grayscale Investments, a well-known investment firm, is looking to convert its Ethereum trust into a spot exchange-traded fund. If the SEC rejects their application, they will likely appeal the decision.
It's worth noting that Grayscale Investments previously won a lawsuit against the SEC that resulted in their #GBTC trust being converted into a spot bitcoin-ETF. This success could serve as a precedent for Ethereum trust conversions.
While Fox Business journalist Eleanor Terrett, citing her sources, suggested that the #SEC could approve spot Ethereum-ETFs by late summer 2024, experts at investment bank TD Cowen have a different timeline, predicting approval by late 2025.
