{"id":11138,"date":"2024-05-23T21:35:47","date_gmt":"2024-05-23T21:35:47","guid":{"rendered":"https:\/\/topat10.com\/?p=11138"},"modified":"2024-05-23T21:35:47","modified_gmt":"2024-05-23T21:35:47","slug":"sec-completes-abrupt-u-turn-to-approve-ethereum-etfs-in-politically-driven-move","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=11138","title":{"rendered":"SEC completes abrupt U-turn to approve Ethereum ETFs in \u2018politically driven\u2019 move"},"content":{"rendered":"\n

The Securities and Exchange Commission has green-lit<\/a> the listing of eight spot Ether exchange-traded fund<\/a> on U.S. stock exchanges, approving the asset manager\u2019s 19b-4 form on Thursday afternoon. \u201cIt\u2019s one of the biggest regulatory one-eighties in recent SEC history,\u201d VanEck<\/a>\u2019s head of digital asset research, Matthew Sigel, told Fortune<\/em> in a statement.\u00a0Issuers include BlackRock<\/a>, VanEck, Fidelity and Grayscale, among others. <\/p>\n

\n

The agency\u2019s relative silence over the pending applications in recent months led many in the cryptocurrency industry to regard an approval this year as a pipedream. Bloomberg analysts were predicting the odds of approval<\/a> to be as low as 25% as late as Monday afternoon. But then, in a sudden turn of events<\/a>, on Monday, CoinDesk first reported<\/a> that the issuers were \u201cabruptly\u201d asked by regulators to update their 19b-4 filings on an accelerated basis. Since then, at least eight of the nine issuers have done so\u2014and Bloomberg\u2019s experts raised their projection to 75%.<\/p>\n

The price of Ether has soared 25% since Monday, trading at $3,855 as of 5:13pm EST.<\/p>\n

The updates requested by the SEC on Monday remain undisclosed, but Eric Balchunas, Bloomberg\u2019s senior ETF analyst, told Fortune<\/em> he knows \u201cfor a fact\u201d that staking will be prohibited. Indeed, Fidelity this week updated its S-1 filing<\/a> with the staking component omitted.\u00a0<\/p>\n

But for trading of the financial products to begin, the SEC must next approve the issuers\u2019 S-1 filings. These forms outline to potential investors and the SEC the structure of the asset, how it will be managed, and, in this case, how it plans to mirror the performance of the underlying asset\u2014Ether tokens. But it\u2019s also understood that the approval of these forms is a case of \u201cwhen not if,\u201d Bloomberg\u2019s James Seyffart wrote on X<\/a>.<\/p>\n

\u201cWe can\u2019t recall anytime there would be S-1s not approved after a 19b-4 approval. I don\u2019t think a precedent exists,\u201d Balchnaus added. He estimates the forms will take about two weeks to be approved, as he expects there to be only one round of comments from the SEC. That\u2019s because the spot Bitcoin ETFs<\/a> already did a lot of the \u201ctrailblazing,\u201d so in this case, the applications will require minor \u201cfine tuning.\u201d In case of Bitcoin ETFs, each round of comments required two weeks to complete.\u00a0<\/p>\n

\u2018A legitimate voting block\u2019<\/h2>\n

It\u2019s the question erupting throughout crypto: Why did the SEC change its tune? Experts told Fortune<\/em> it was likely a political, top-down order.\u00a0The approval on Thursday is \u201cproof that the crypto crowd is a legitimate voting block,\u201d says VanEck\u2019s Sigel. \u00a0<\/p>\n

A bipartisan group of crypto-friendly House lawmakers urged the SEC and Chairman Gary Gensler to approve the ETFs in a letter<\/a> on Wednesday. \u201cThe current digital asset regulatory landscape presents various risks to consumers, investors, and market participants,\u201d they wrote. An approval would offer investors access to crypto in a safer, more transparent and regulated format, they argued.<\/p>\n

Admittedly, although the letter is unlikely to have tipped the scale, it does add to a building consensus in Washington that the elusive crypto vote may have weight.<\/p>\n

\u201cPolitics is powerful, and especially in an election year. What we\u2019ve heard inside is that this was politically driven. The Democrats do not want to see Donald Trump and the Republicans win on this issue, and lose votes from single-issue voters,\u201d says Balchunas.<\/p>\n

A survey<\/a> published this week by the Federal Reserve reveals that just 1% of Americans used crypto to buy something in 2023, but in a razor-thin election, with Trump polling just 1% ahead<\/a> of President Joe Biden, even 100,000 votes or so could make the difference.<\/p>\n

\u2018Very gratifying\u2019<\/h2>\n

As a result, the crypto community appears to be a growing priority in Washington, D.C. On Wednesday, the House of Representatives voted in favor of a landmark piece of regulation<\/a> that would establish a supervisory framework around the \u201cmarket structure.\u201d<\/p>\n

The Financial Innovation and Technology for the 21st Century Act, or \u201cFIT21<\/a>,\u201d outlines the separation of powers between the Securities and Exchange Commission and the Commodity Futures Trading Commission, as well as creates rules for pivotal questions such as commingling and custody. While the bill was supported by 208 Republicans, at first, it was only favored forward by a handful of stubborn, crypto-friendly Democrats. But over the last month, support accelerated, resulting in 71 Democrats voting in favor, with support also coming from Senate Majority Leader Chuck Schumer and\u00a0former House Speaker Nancy Pelosi.<\/p>\n

\u201cIt is very gratifying that effective communication by the crypto community changed the politics in Washington to the point that elected Democrat leaders are now voting \u2018yes\u2019 to laws that reverse the regime\u2019s hostile approach to this new asset class,\u201d Sigel says.<\/p>\n

FIT21 passing through the House flew in the face of Gensler\u2019s attempts to warn Democrats off it. \u201c[FIT21] would create new regulatory gaps and undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk,\u201d Gensler said in the statement<\/a> released Wednesday.<\/p>\n

Moreover, over the past month Trump has also doubled down on his pro-crypto stance. On Tuesday, his presidential campaign said<\/a> it would start to accept donations via any crypto asset accepted through Coinbase<\/a>.\u00a0\u201cBiden surrogate Elizabeth Warren said in an attack on cryptocurrency that she was building an \u2018anti-crypto army\u2019 to restrict Americans\u2019 right to make their own financial choices,\u201d the campaign said in the announcement, in reference to a reelection ad Warren posted on X<\/a> last year.\u00a0\u201cMAGA supporters, now with a new cryptocurrency option, will build a crypto army moving the campaign to victory on November 5th!\u201d<\/p>\n<\/div>\n

Subscribe to Fortune Crypto to get daily updates on the coins, companies, and people shaping the world of crypto. Sign up<\/a> for the newsletter for free.<\/div>\n\n","protected":false},"excerpt":{"rendered":"

The Securities and Exchange Commission has green-lit the listing of eight spot Ether exchange-traded fund on U.S. stock exchanges, approving the asset manager\u2019s 19b-4 form on Thursday afternoon. \u201cIt\u2019s one of the biggest regulatory one-eighties in recent SEC history,\u201d VanEck\u2019s head of digital asset research, Matthew Sigel, told Fortune in a statement.\u00a0Issuers include BlackRock, VanEck, […]<\/p>\n","protected":false},"author":443,"featured_media":11139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-11138","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nSEC completes abrupt U-turn to approve Ethereum ETFs in \u2018politically driven\u2019 move | Unlock Informed Choices with 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Rowe","author_link":"https:\/\/topat10.com\/?author=443"},"uagb_comment_info":0,"uagb_excerpt":"The Securities and Exchange Commission has green-lit the listing of eight spot Ether exchange-traded fund on U.S. stock exchanges, approving the asset manager\u2019s 19b-4 form on Thursday afternoon. \u201cIt\u2019s one of the biggest regulatory one-eighties in recent SEC history,\u201d VanEck\u2019s head of digital asset research, Matthew Sigel, told Fortune in a statement.\u00a0Issuers include BlackRock, 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