According to reports, Coinbase and Grayscale are working hard to obtain regulatory approval from U.S. securities regulators for their application for an Ethereum spot ETF.
Many Ethereum spot ETF applications are awaiting regulatory approval from the U.S. Securities and Exchange Commission (SEC). As we know, the SEC agency approved 11 Bitcoin spot ETF applications in January of this year. Therefore, while the majority of cryptocurrency investors are optimistic that the SEC can easily give the green signal to the ETH spot ETF application as well, experts believe that there is great uncertainty when: ETH.
This Wednesday, Coinbase, the leading U.S. cryptocurrency exchange, and Grayscale, a well-known digital asset fund manager, met with the SEC agency to discuss the risk and safety issues of Ethereum spot ETF products.
Grayscale currently offers investments in Ethereum (ETH) through its secure asset Grayscale Ethereum Trust (ETHE) product.
Grayscale aimed to convert these ETFs into spot ETF products to provide a safer and better experience for customers.
Previously, some top ETF experts shared their opinions on the possibility of applying for an Ethereum spot ETF, noting that there is great uncertainty about the likelihood of approval.
In recent days, the SEC agency has postponed decisions on several other spot Ethereum ETF applications.
According to Bloomberg, ETF analyst James Seyffart predicted that the delays will continue until May 23 and that this particular date could bring either good or bad news.
Some experts believe that BlackRock’s better relationship with the SEC agency may not help in approving the Ethereum spot ETF application, and it is highly likely that the SEC will order BlackRock to withdraw its ETH ETF application.
Ethereum price action
The current trading price of Ethereum (ETH) coin is $3,913, which is up 14% in the last 7 days.
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