The US Securities and Change Fee (SEC) held a gathering with representatives of Coinbase and Grayscale Ethereum Belief on March 6, 2024. The assembly was a part of an ongoing dialogue between the SEC’s Buying and selling and Markets Division and the 2 cryptocurrency corporations.
Commenting on the assembly, Eric Balchunas, a senior ETF analyst, expressed some issues. “Usually I’d say this can be a good signal, however to my information, the SEC has but to make any feedback to the ETF corporations, which isn’t an excellent signal as we’re previous the time once they touch upon Bitcoin ETFs,” he stated.
Balchunas additionally famous that the SEC has not had a court docket defeat addressing this subject and that the correlation between futures and spot shouldn’t be that sturdy, main him to be much less optimistic concerning the Ethereum ETF in comparison with the Bitcoin ETF.
Nate Geraci, one other ETF analyst, provided a special perspective. He reiterated that the SEC met with Grayscale legal professionals and Coinbase concerning the spot Ether ETF. In keeping with Geraci, the decision included an evaluation of the correlation between futures and spot markets. “Coinbase evaluation reveals that the correlation between Ethereum futures and spot markets is as sturdy as it’s in Bitcoin markets,” Geraci stated. He additionally identified that the SEC has permitted Ethereum futures ETFs traded on the CME, and acknowledged that he was undecided what causes there may be for not approving spot Ethereum ETFs.
*This isn’t funding recommendation.