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The big day has arrived for cryptocurrency investors, and the decision is just hours away. BTC is at $69,000. Following statements by Gensler, the Bitcoin price became volatile. Poor service PMI data triggered a drop to $67,716. However, Ethereum remains stable.
What Time is the Spot ETH ETF Decision?
Today at 23:00 Turkish time, after the US stock markets close, the SEC will announce its decision (at the latest by this time). Since VanEck was the first to apply, a decision on this ETF is expected. However, if equal opportunity is considered as in January, the SEC may also announce decisions for other applicants.
The important detail here is whether the files and process will be completed on time. The institution, which changed its stance on Monday, wanted the transactions to be completed very quickly. However, it is unclear to what extent the current filings are ready for approval. The removal of staking sections by all issuers is the key sensitive point here.
If the process is not completed on time, we may see VanEck and Ark Invest withdraw their applications (and possibly Grayscale, which is awaiting a decision on May 30) and reapply later. Compared to BTC, the ETF approval at this stage contains more uncertainty. Investors cannot expect a definite approval in the coming hours, and potential disappointments could cause negative fluctuations in prices.
Current State of Cryptocurrencies
Today, we saw US politicians recommend the SEC approve ETH ETF applications. The SEC had already instructed Nasdaq and CBOE exchanges, which will list the ETFs, to expedite file updates. Moreover, Gensler’s statement today that “there are altcoins that are not securities and investment contracts” suggests that the resistance against ETH might be dropped.
If there is a step back on this issue, will ETH-related Wells Notices and lawsuits be dropped? Investors and politicians before the elections will not be pleased with the SEC acting against an ETF that is already trading on the exchange. If the SEC is going to approve, it should also step back from actions involving the Ethereum Foundation, the company behind MetaMask, and UniSwap.
We are in the midst of exciting and risky hours in crypto again. Volatility does not always bring profit, and investors should be aware of this.
