Coinbase has announced the launch of Spot Ethereum ETFs. Chief Legal Officer Paul Grewal The executive of Coinbase says that Ethereum can be considered a commodity. Coinbase’s executive told X that ETH can be considered a commodity. “as we’ve always known it to be.”
Also Read: SEC Approves All Spot Ethereum ETFs
After a lengthy wait, the 19b-4 forms of Spot Ethereum ETFs were approved. These are the first official steps in approving all ETH ETFs. Coinbase being the most popular cryptocurrency exchange on the market is very supportive of this cryptocurrency ETF trend. Ethereum is expected to join Bitcoin on the crypto-ETF market in the near future, opening the door for other applicants.
After the launch of Spot Bitcoins ETFs in 2024, investors began to speculate about what would be the next cryptocurrency. Ethereum is the focus of attention.
After the Ethereum ETF forms 19b-4 have been approved by the S-1, all issuers need to do is wait for approval of their S-1. They are required to make new assets available to the public and start the trading process. SEC might take longer than usual to review each S-1, especially if they are still unsatisfied by ETFs. According to the timelines for Bitcoin ETFs this could take from weeks up to months.
Experts like Grewal, however, are excited about this first step to mass approval. Ethereum’s price is likely to rise as Bitcoin experienced after its ETF approval. At the time of publication, ETH has risen to over $3800. That’s a gain of 4% within 24 hours as well as over 25% for the week.
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Source: watcher.guru
