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The global crypto market cap is $1.55 trillion with a 24-hour volume of $48.34 billion. The price of Bitcoin is $39,837.43 and BTC market dominance is 50.4%. The price of Ethereum is $2,210.64 and ETH market dominance is 17.1%. The best performing cryptoasset sector is Prediction, which gained 7%.
FOX Business’ Eleanor Terrett relayed comments from various sources today.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
FOX Business reporter Eleanor Terrett reported a wide range of expectations regarding spot Ethereum ETF approvals on Jan. 23.
Notably, Terrett suggested that the U.S. Securities and Exchange Commission (SEC) is opposed to approving a spot Ethereum ETF. She said:
“Another source tells me the line at the SEC at this very moment is a ‘hard no’ and there’s currently ‘some internal resistance’ to the idea.”
Terrett did not state whether that source is a member of the SEC itself or a member of an asset manager seeking approval from the SEC.
Terrett also noted that SEC commissioner Hester Peirce, known for her pro-cryptocurrency stances, has advocated for a more straightforward decision process. The SEC in part approved spot Bitcoin ETFs because one applicant, Grayscale, obtained a legal victory, as SEC chair Gary Gensler explained in a statement. Peirce criticized that approach in an interview with crypto news platform Coinage today, as she said that ETF approvals should involve “regular way consideration” rather than court cases compelling action.
Terrett concluded that further indications of the SEC’s stance will emerge in the coming months as it becomes clear whether it engages with S-1 registration statements. The SEC typically posts notices of meetings with asset managers and exchanges on each ETF’s page as they occur.
Despite resistance within the SEC, Terrett suggested that the asset managers responsible for issuing each fund are optimistic about approval.
According to Terrett:
“[One] issuer with an ETH Spot ETF application says they’re confident the approval and smooth launch of the Bitcoin spots will compel the [SEC] to approve ETH spot ETFs.”
Another unnamed issuer said that they expect a spot Ethereum ETF to launch by the end of the summer because of the SEC’s earlier approval of Ethereum futures ETFs, and because of BlackRock’s strong ETF approval record.
That source also cited the CFTC comments suggesting Ethereum is a commodity, as well as Ripple’s partial legal victory against the SEC, as factors that could more broadly prevent the SEC from labeling crypto assets as securities. However, it is not clear that those developments will directly impact spot Ethereum ETF approvals in the coming months.
Public expectations around approval vary. Bloomberg ETF analyst Eric Balchunas posits a 70% chance that an spot Ethereum ETF will be approved in May, while JP Morgan executive Nikolaos Panigirtzoglou has predicted a 50% chance of approval. Polymarket odds suggest a 53% chance of approval.
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada’s West Coast.
CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Hester Peirce, known as the “Crypto Mom” for her pro-cryptocurrency and blockchain stance, was sworn in as Commissioner of the U.S.
Gary Gensler is an American government official and former investment banker who President Joseph R.
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