Ethereum ETF Decision Takes Center Stage This Week After ETH Legal Boost And More Upbeat Coinbase

The
crypto
community
is
waiting
in
anticipation
on
whether
spot
Ethereum
ETFs
(exchange-traded
funds)
will
be
approved
or
denied
by
the
Securities
and
Exchange
Commission
(SEC)
on
May
23.

While
Bloomberg
ETF
analyst
Eric
Balchunas

says
the
chances
of
approval
are
”slim
to
none,”
and
Polymarket
puts
the
odds
at
16%,
Coinbase
estimates
there
is
a
30%
to
40%
chance
of
approval
by
the
end
of
the
month.

“The
market
may
be
underestimating
the
timing
and
odds
of
a
potential
approval,
which
leaves
room
for
surprises
to
the
upside,”

said
analyst
David
Han
in
a
May
15
note.
”There
is
room
for
surprise
to
the
upside
on
this
decision.”

Han’s
optimism
is
in
part
due
to
the
increasing
role
that
crypto
is
playing
in
presidential
election
campaigns,
with
Republican
candidate

Donald
Trump
warming
up
to
digital
assets.

“It’s
also
less
certain
in
our
view
that
the
SEC
would
be
willing
to
front
the
political
capital
necessary
to
support
a
denial,”
Han
said.

While
BTC
has
been
grabbing
the
headlines
this
year,
we
think
ETH
has
the
potential
to
outperform
in
the
second
half.
Learn
why
in
our
new
Outlook.https://t.co/pNVZFQIb8o

pic.twitter.com/cTaoMhkII0

—
Coinbase
Institutional
????️
(@CoinbaseInsto)

May
17,
2024

Ethereum
ETFs
Bolstered
By
Legal
Case

A
US
Department
of
Justice
indictment
on
May
15
that
accused
two
individuals
of
wire
fraud
and
money
laundering
by
manipulating
the
Ethereum
blockchain
also
is
positive
news
for
the
prospects
of
eventual
ETH
ETF
approvals.

The
indictment
emphasized
the
importance
of
network
integrity,
stating
that
Ethereum
operates
without
a
central
authority
or
trusted
intermediary,
reaffirming
the
decentralized
principles
of
the
blockchain
and
making
it
less
likely
that
the
SEC
can
classify
ETH
as
a
security
that
is
under
its
jurisdiction.

“This
is
inconsistent
with
ETH
being
a
security
as
there
would
be
no
*management
or
entrepreneurial*
efforts
of
others,
”
Lexproof
founder
and
CEO
Orlando
Cosme
said
in
a
May
16
X
post. 

These
developments
helped
the
ETH
price


surge over
5%
on
May
17
to
near
$3,100
for
the
first
time
in
10
days.

The
Emperor
has
no
clothes.

The
SEC
is
believed
to
be
taking
the
position
that
ETH
is
a
security.

Meanwhile,
federal
prosecutors
at
SDNY,
who
are
representing
the
“United
States,”
have
just
alleged
that
Ethereum
is
“a
decentralized
blockchain”
with
“No
central
actor”
who
“runs…

https://t.co/isIP4sV43I

pic.twitter.com/pe8BdfBtut

—
orlando.btc
(@Orlando_btc)

May
16,
2024

Regulator
To
Decide
On
VanEck
Application
On
May
23

The
US
Securities
and
Exchange
Commission
(SEC)
is
expected
to
deliver
its
final
ruling
on
VanEck’s
spot
Ethereum
ETF
on
May
23.

“Even
if
the
first
deadline
on
May
23,
2024,
encounters
a
rejection,
litigation
could
reverse
that
decision,”
said
Han.

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