Analyst Seyffart: Ether ETF next after Bitcoin _

While the U.S. Securities and Exchange Commission's (SEC) decision on spot Bitcoin ETFs is eagerly awaited, a new comment came from Bloomberg analyst James Seyffart. At an event, Seyffart said that the SEC may also accept a spot Ether ETF this year.

"They also accept it as a commodity, but they can't say it"

Speaking at a special event on on-chain data platform CryptoQuant, the analyst noted that by accepting Ether futures ETFs, the SEC actually considers ETH to be a commodity:

"The SEC has admitted, if not explicitly, that Ether is a commodity... They did this by approving requests for Ether futures ETFs. Gary Gensler, of course, can't talk openly about it. When asked, he will not be able to say anything about whether it is an investment contract or a commodity. But what they're doing shows that they think it's a commodity."

"Ether spot ETF will also be approved this year"

Stating that there is a struggle between the SEC and the CFTC to regulate such transactions, the analyst said:

"If the SEC were to treat Ether as an investment contract and not a commodity, it would be declaring war not only on the crypto world, but also on the CFTC. That's why I think an Ether spot ETF will be approved this year."

The SEC has until May 2024 to make a final decision on the spot Ether applications of VanEck and Hashdex, in partnership with ARK-21Shares. Decisions on other companies were put on the calendar for the following months.

Seyffart also stated that he thinks a spot Bitcoin ETF that will be accepted on or before Jan. 10 will bring at least $10 billion to these products within 1 year.

Published: January 5, 2024 08:55