Ether ETF approvals surge 18% amid renewed optimism.
Ether (ETH) surges 18% in 24 hours Ether exchange-traded funds could be approved this week – despite months of disappointment.
According to Bloomberg ETF analysts Eric Balchunas and James Seifert, the U.S. securities regulator is urging filers to expedite 19b-4 filings.
This led the couple to increase their approval probability from 25% to 75%.
At Polymarket, a decentralized betting platform, the odds for a licensed spot Ether ETF have similarly increased from 11 percent to 54 percent.
Ether is now priced at $3,625 and is up 16.1% since the news broke three hours ago, and is up 18% in 24 hours, according to CoinGecko.
The news comes ahead of the U.S. Securities and Exchange Commission's May 23 final ruling on VanEck's spot Ether ETF application.
However, Seifert made it clear that the approved 19b-4s must be accompanied by signed S-1 registration statements to launch Ether ETFs.
Although 19b-4s were approved this week, he said it could be weeks or even months before S-1s are signed.
“That is, if we're right and we see these theoretical confirmations later this week. This *also* means that S-1 approvals are a matter of ‘if' not ‘when'…”
The idea that the SEC could approve the 19b-4 and S-1 filings through a two-part process was first suggested on May 19 by ETF Store President Nate Geraci.
Related: Spot Ether ETFs Go Down to 5-Man Vote – Gensler the Ruler?
CoinGecko reports that other cryptocurrencies have risen in the past 24 hours.
Ethereum-linked Uniswap (UNI), Lido DAO (LDO), and Lido Staked Ether (STETH) are the only 100 coins that have surpassed Ether in market cap in the last 24 hours, according to CoinGecko.
The broader cryptocurrency market is up 7.8% over the past 24 hours, surpassing its $2.7 trillion market cap for the first time since April 11.
Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have Final Comments?
