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Home»Altcoins»Ethereum spot ETF will be SEC’s next delay victim
Altcoins

Ethereum spot ETF will be SEC’s next delay victim

2023-09-28No Comments3 Mins Read
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Journalist

Posted: September 28, 2023


  • The deadline for the ETF decision has been postponed to December 26.
  • ETH futures products could be approved once the blockchain’s revenue reaches $10 billion.

One day after it was postponed Bitcoin [BTC] spot decision, the US SEC has similarly confirmed this Ethereum [ETH] applications have suffered the same fate. In its September 27 communiqué, the SEC noted that the filing from 21Shares and Cathie Wood-led ARK Invest now has a new deadline of December 26.


Realistic or not, here it is The market cap of ETH in BTC terms


No to recognize. Yes to futures?

The orders quoted section 19(b) of the Securities Act of 1934 in support of its decision. According to the SEC, the law allows the agency to delay resolutions like the Ethereum spot ETF for 45 to 90 days. The statement read,

“Accordingly, pursuant to section 19(b)(2) of the Act, the Commission designates December 26, 2023 as the date on which the Commission will approve or disapprove the proposed proposal or initiate a proceeding to determine whether it will reject the proposal. rule change.”

The decision may come as a surprise to market players. This is because some members of the US Congress had asked SEC Chairman Gary Gensler to do so approve the Bitcoin spot ETF immediately, which of course the committee refused.

But when they questioned Gensler on September 27, market participants hoped the commission would have been lenient on Ethereum. Unfortunately that was not the case.

Despite the disappointment with the SEC’s decision, Bloomberg Intelligence analyst James Seyffart noted that the regulator could allow the launch of several Ethereum futures ETFs next week.

See also  Can Ethereum perform better than Bitcoin like in 2019? - This relationship says yes, but ...

Seyffart’s post on X (formerly Twitter) reinforced the opinion of his fellow analyst Eric Balchuna.

Balchuna said the SEC could accelerate the Ethereum futures product to offset the slowdown in the spot ETF.

It looks like the SEC is going to allow a lot of things #Ethereum futures ETFs may launch next week https://t.co/YoBD1d1ay8

— James Seyffart (@JSeyff) September 28, 2023

ETH needs a decision – fast!

Meanwhile, ETH could need a quick decision, if only because of the price action.

According to Caleb & Brown’s weekly summationETH showed less resilience when the Fed announced the outcome of its policy meeting on September 19.

Ethereum [ETH] price on September 26

Source: Caleb & Brown

On that fateful day, ETH lost 1.3% and the ETH/BTC ratio fell to a 14-month low of 0.0594. Moreover, ETH also experienced a lot of selling pressure, including Ethereum’s co-founder Vitalik Buterin.

So there is one opportunity that the currency price could fall further in the coming days. On the plus side, Ethereum’s revenue surpassed the $10 billion mark. For the uninformed, Ethereum generates revenue from transaction fees and base fees.

Ethereum Earnings

Source: Caleb & Brown


Read Ethereums [ETH] Price prediction 2023-2024


This is because the blockchain also provides decentralized computing for token exchanges and through the sale of block space. Caleb & Brown confirmed that the project took seven years to reach the milestone, noting that:

“Since 2015, Ethereum has generated $16.8 billion in fees, of which over 60.0% was converted into revenue. This places it shoulder to shoulder with companies such as Alphabet and Meta.”



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See also  PEPE prints a new low - Is a recovery likely?
Delay ETF Ethereum SECs Spot victim
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