As the year 2024 advances, the news in favor of the cryptocurrency market begins to give positive signals, I say it this way starting from the concrete fact about how the U.S. securities regulator implicitly accepted ETH as a commodity.
According to information disclosed in the news portal Cointelegraph by columnist Ana Paula Pereira, "The U.S. securities regulator implicitly accepted that ETH is a commodity when it approved ETH futures exchange-traded funds last year, meaning it is likely that a spot exchange-traded fund (ETF) variant could see approval by this year."
From any point of view, the simple fact that the US securities regulator tactically accepted that the second largest cryptocurrency by market cap is a commodity leaves us in a favorable position for the rest of the year, as there is a whole world of expectation around ETF approval for cryptocurrencies.
On the other hand and in the words of James Seyffart (Bloomberg ETF Analyst), "The CFTC is blatantly calling Ethereum a commodity. They are not calling it a security. [...] the SEC has approved Ethereum futures exchange-traded funds. So, again, Gary Gensler won't explicitly say whether Ethereum is a security or a commodity, but in their action, by approving those Ethereum futures exchange-traded funds, they are implicitly accepting those Ethereum futures as commodity futures."
The aforementioned article also mentioned that, "The SEC has a final decision deadline for the VanEck, ARK 21Shares and Hashdex spot Ethereum ETFs in May 2024, with other decision deadlines for spot Ethereum ETFs to come in the following months"
SOURCES CONSULTED
Cointelegraph. Ether ETF likely coming, as SEC ‘implicitly’ nodded ETH as commodity: Analyst. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
