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Renowned Bloomberg Analyst, Eric Balchunas, has just revealed some insider information regarding the approval of a spot Ethereum ETF. Balchunas mentioned that there is chatter suggesting the SEC could be changing their stance on Ethereum ETF applications, with a significant 75% likelihood of approval now on the table. This comes as a surprise to many, as the SEC has been relatively quiet on the matter, leaving investors uncertain about the outcome.
With multiple ETF decisions looming on May 23rd and 24th, the pressure is mounting on the SEC to make a decision. Nate Geraci, a crypto ETF expert, has highlighted the intricacies of the approval process, explaining that the SEC must approve both the exchange rule changes and registration statements for ETFs to launch. By potentially approving the rule changes first and taking more time to scrutinize the registration statements, the SEC could ensure a more thorough review of the applications, ultimately leading to a more informed decision.
In a strategic move, ARK and 21Shares have even amended their applications to remove staking in order to increase their chances of approval. While this may seem like a setback, it could actually work in their favor by making their proposals more appealing to the SEC. Balchunas’ revised outlook, shifting from considering the approval odds as “slim to none” to a substantial 75% likelihood, signifies a significant change in the landscape of Ethereum ETF approval.
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