Asset management company Bitwise has filed an Ethereum spot ETF application with the Securities and Exchange Commission (SEC) even though the approval rate in May is expected to have dropped to only 30%.
Bitwise registers Ethereum spot ETF despite declining approval percentage
According to form S-1 filed with the SEC on March 28, crypto asset manager Bitwise has filed an application to issue an ETF for Ethereum (ETH) spot. The move comes shortly after the firm's CIO Matt Hougan predicted an Ethereum spot ETF may not be approved in May.
Similarly, experts, specifically senior analyst at Bloomberg Eric Balchunas, initially predicted that the approval rate in May would be 70%, then decreased to 35% . Meanwhile, GSR Markets predicts this rate is only 20%.
The diminishing speculations came after the SEC repeatedly announced delays in approving Ethereum spot ETF applications from giants like BlackRock and Fidelity. At its peak on March 20, the SEC even launched a campaign to classify whether Ethereum is a security , reflecting its harsh attitude in the censorship process of Proof-of- Stake assets.
Even in the announcement of the approval of the Bitcoin spot ETF , the SEC still maintained its stance of not supporting crypto , and that only Bitcoin is XEM an asset, while other cryptocurrencies have not yet escaped being XEM securities. .
If referred to The Howey Test - the basis for the SEC to classify a project Token as a security or not - the test's argument is not convincing enough to prove "Ethereum is a security".
ETH is currently hovering around 3550 USD, down about 500 in price since the Dencun upgrade.
1D frame ETH/ USDT chart taken on March 29, 2024 on Binance
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