Bloomberg analyst: SEC soliciting public comments on Ethereum spot ETF is just standard process

For potential catalysts for Ethereum, the market is closely watching whether the U.S. Securities and Exchange Commission (SEC) will pass an Ethereum spot ETF before May. There are currently 9 Ethereum spot ETF applications, the latest of which was submitted by Bitwise on March 28. The earliest one facing the final approval deadline is VanEck. The SEC needs to decide whether to approve its application before May 23.

SEC solicits public opinions on Ethereum spot ETF

The SEC has recently publicly solicited proposals from three asset management companies, Bitwise, Fidelity and Grayscale, to allow their Ethereum spot ETFs to be listed on major exchanges. and opinions on proposed amendments to trading rules. The proposal lowers expectations for approval of the product in May, but the situation appears to be turning around. According to a notice issued on April 2, the SEC is reviewing the opinions of the three asset management companies on the proposed rule changes to allow their Ethereum spot ETFs to be listed and traded on major exchanges.

These proposals are filed within 21 days of publication in the Federal Register. Of the proposals, Bitwise and Grayscale requested to be listed and traded on the New York Stock Exchange Arca, while Fidelity chose the Cboe BZX exchange.

Bloomberg Analyst: This is a standard process

Therefore, some communities believe that this is a signal for the SEC to extremely promote the Ethereum spot ETF, increasing the possibility of its approval in October. However, Bloomberg ETF analyst James Seyffart said on Is it approved or rejected. This does not constitute any form of good news for the Ethereum ETF.

Three days ago, he said that the SEC was soliciting public opinions on Fidelity’s Ethereum spot ETF and said that there was no sign from these documents that the situation had changed. The SEC’s silence here was not good sign.

Consensys petitioned the SEC to advocate approval

In fact, the SEC solicited public comments on the potential approval of the Ethereum ETF application on March 8, which asked about Ethereum's shift to proof of stake ( Whether the PoS) mechanism has fraud and manipulation risks that the institution needs to be concerned about.

In response, Metamask wallet developer Consensys submitted a comment letter on the 29th, stating that this concern is completely unfounded, and stated that the Ethereum PoS mechanism even surpasses Bitcoin's PoW in some aspects of security. , and the Bitcoin-based ETF has been approved by the SEC for listing and trading, it is advocated that the Ethereum spot ETF should also be approved.

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