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Highlights
- Grayscale CLO thinks that SEC shouldn't take much time as spot Ether ETF is very similar to Bitcoin's ETF.
- Grayscale seeks a constructive engagement with the US SEC on this matter.
- ETH price has once again bounced back eyeing a move past $4,000.
Recently, there’s been a lot of discussion around how the U.S. Securities and Exchange Commission (SEC) is trying to downplay the approval for the spot Ethereum ETf while classifying Ethereum as a ‘security’. However, Grayscale’s chief legal officer Craig Slam has issued a clarification on this matter explaining how the company’s case for a spot Ethereum ETF approval is strong.
Grayscale CLO Roots for Spot Ethereum ETF
In a recent statement, Craig Salm, the Chief Legal Officer at Grayscale, addressed the ongoing discussions surrounding spot Ethereum ETFs. Salm expressed his belief that ETFs for Ethereum should indeed be approved, despite recent speculation. However, he primarily focused on clarifying the perception of the SEC’s engagement in the matter.
Salm highlighted the constructive engagement Grayscale and others experienced with the SEC in the months leading up to the approval of Bitcoin ETFs. During this period, detailed discussions covered various aspects such as creation/redemption procedures, custody, and the roles of authorized participants (APs) and liquidity providers (LPs).
He emphasized that the issues pertinent to spot Ethereum ETFs mirror those of spot Bitcoin ETFs, with the only distinction being the asset held i.e. Ether instead of Bitcoin. Therefore, Salm argued that the SEC has already engaged on these matters, suggesting less need for extensive discussions this time around.
While acknowledging that his perspective might evolve closer to the final approval or denial dates in late May 2024, Salm cautioned against interpreting the perceived lack of engagement from regulators as indicative of any specific outcome.
Moreover, Salm echoed sentiments expressed by other industry figures, including Paul Grewal and Brian Quintenz, regarding the reasons why spot Ethereum ETFs should be approved. These reasons include maintaining consistency with Ethereum futures ETFs, treating Ethereum futures as commodity futures rather than security futures, and the high correlation between futures and spot prices.
In conclusion, Salm affirmed Grayscale’s support for the approval of spot Ethereum ETFs, asserting that the case for them is as robust as it was for spot Bitcoin ETFs. Grayscale eagerly anticipates further engagement with the Commission on this matter.
Ethereum Price Moves Closer to $4,000
After heavy selling last week, the Ethereum price has once again bounced back from the lows of $3,000. As of press time, ETH is trading 4% up at a price of $3,671 with a market cap of $435 billion. The daily trading volume for Ethereum has also surged by a staggering 58% to $20 billion.
In the latest report, CoinGape explained several factors that could push the ETH price rally to its new all-time high of around $5,000.
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