Cryptocurrency exchange Coinbase has recently stated its expectation that proposed Spot Ethereum ETFs have a 30%–40% chance of approval by the end of this month. Indeed, the exchange issued a report upgrading the investment offerings’ approval odds.
The US Securities and Exchange Commission (SEC) is facing a critical impasse concerning Spot Ethereum ETF applications. Specifically, the President of the ETF Store, Nate Geraci, has recently revealed that the agency is set to make a decision on the Ether ETF this week.
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Coinbase Says Ethereum ETF Approval Has Up to 40% Chance
The digital asset sector has undergone a massive shift since the start of the year. Indeed, the SEC had approved spot Bitcoin ETFs for the first time in the United States. Subsequently, the sector saw a massive surge in assets across the board. However, it was led by BTC, which reached an all-time high of $73,000 in March.
All eyes then shifted toward what asset could receive a similar investment offering. Naturally, experts looked to the second-largest cryptocurrency as the most prominent candidate. Despite the ongoing rumblings of the agency committed to rejecting the proposals, there is still a chance things will change.
Now, crypto exchange Coinbase has recently stated that Spot Ethereum ETFs have a 30%–40% chance of receiving approvals by the end of the month. Specifically, the exchange issued a new report sharing the updated odds from the platform’s institutional research analyst, David Han.
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Han focused his prediction on the catalyst that paved the way for Spot Bitcoin ETF approval. That factor was the correlation that exists between a CME futures product and spot exchange rates. Moreover, Han stated that the same avenue could direct the agency toward approval for Ether’s Spot investment offering.
However, Han did note that the SEC’s silence has brought about some valid concerns. Moreover, the platform did note that continued delays in the process were not out of the question. However, many experts assure that a decision could come in a matter of weeks.
The SEC has recently been accused of engaging in a legal campaign to ensure the security status of ETH. If that process continues, they will develop their own grounds for which to deny applications. Conversely, Coinbas assures that such a fate is no certainty.