An Ethereum ETF Futures on the way? Bloomberg sparks major conversation.
Popular Attorney stresses the importance of regulatory clarity for Ethereum.
Conversations surrounding the Ripple ecosystem and the U.S. Securities and Exchange Commissions have yet to die down. Ripple proponents have remained committed to spearheading conversations around the advancement of regulation.
Notably, Attorney John Deaton, a popular Ripple proponent, spoke on the relevance of regulatory clarity in the cryptocurrency industry. His comments come as the market awaits a response from the SEC on the recently filed Ethereum ETF Applications.
According to speculations from market participants, an Ethereum Spot ETF might soon be approved. Although the SEC has not rolled out any official statement to back these sentiments, the cryptocurrency community is collectively anticipating a positive outcome.
In response to these speculations, one social media user took to X, formerly known as Twitter, to speak on the potential impact that the Ethereum ETF approval can have on the market.
“This is REALLY surprising, since it would tacitly acknowledge that ETH is a commodity, not a security.” The user wrote.
To this, attorney John Deaton responded, highlighting the need for regulatory clarity. He stressed the potential benefits that could come with regulation for Ether.
“You can NEVER underestimate the advantages or the head start that perceived regulatory clarity provides. In fact, one co-founder used to literally brag that Ether was “the only game in town.” The attorney responded.
Speaking more in-depth about regulation, a recent court filing revealed that the SEC is accepting that digital assets are not inherently securities.
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Attorney Deaton seems to believe that XRP holders have played a major role in getting the SEC to this point. “I have to say there is no doubt 75K XRPHolders are a major reason the SEC is conceding this issue.” He asserted. He further explained that XRP holders fought hard enough to have the judge make a written statement, noting that the XRP token is not a security.
In fact, it was the first section in our argument in the Brief.
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Will the cryptocurrency market witness the approval of an Ethereum ETF this year?
Meanwhile, the entire market is still expecting that an Ethereum ETF will be approved. Experts have previously stated that the chances of an Ethereum ETF being approved are higher than the chances of a Bitcoin ETF getting approved.
Bloomberg has played a significant role in boosting investors’ sentiment, after sharing that a green light is imminent. At present, a handful of leading investment firms are awaiting a nod from the SEC, as they prepare to list these ETH exchange-traded funds.
Upon approval, the price of Ethereum ETF could also skyrocket to new levels. The second most valued cryptocurrency by market cap has been way more stable in price, than its long-standing rival, Bitcoin.
An ETF approval could be the catalyst for an Ether takeover, and the highly anticipated flippening might become a reality, as many investors have predicted.
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