Valkyrie Chief Investment Officer Stephen McClurg urged not to expect the launch of spot Ethereum-ETFs in the near future. In his opinion, the US Securities and Exchange Commission (SEC) will not rush to make a decision on new crypto funds, writes The Block.
McClurg noted that there are many differences between Bitcoin and Ethereum. For this reason, the Commission will take longer to review applications than the community expects. The approval of spot Bitcoin ETFs did not imply an imminent decision, a Valkyrie representative said.
The launch of investment products could happen within one or two years, McClurg emphasized. He believes that spot Ethereum ETFs will be approved one way or another, but optimistic forecasts focused on May 2024 are not true.
At the same time, CIO Valkyrie indicates the presence in some applications of such a clause as staking. This service will add “another layer” to SEC analysis and consideration, a company representative is confident.
On February 21, 2024, Coinbase called on the Commission to approve spot Ethereum ETFs from financial giant Grayscale Investments. The cryptocurrency exchange presented the regulator with “legal, technical and economic arguments” for launching an investment product.
In addition, Franklin Templeton submitted documents to register a spot Ethereum-ETF. It joins a number of other firms that have previously submitted applications to the agency for approval of the new asset class.
Source: Cryptocurrency
I am an experienced journalist and writer with a career in the news industry. My focus is on covering Top News stories for World Stock Market, where I provide comprehensive analysis and commentary on markets around the world. I have expertise in writing both long-form articles and shorter pieces that deliver timely, relevant updates to readers.
