Ethereum ETF

[KingsDen]

Some weeks ago, it was highly anticipated that SEC would approve Bitcoin ETF and favourably it happened as expected. Although the impact so far in the market has been all negative. But I believe on the long run, things will change.

Are there any concrete information about Ethereum ETF approval?

[Charles-Tim]

Should we believe in this Bloomberg ETF analyst, James Seyffart:

Spot Ethereum ETF Delays will continue to happen sporadically over the next few months. Next date that matters is May 23rd

If you click on the link in the quote above, on X you will see this:

[TREE DAO] BREAKING: SEC delays Blackrock spot Ethereum ETF.

sec.gov/files/rules/sr…

SEC will not rush this. Do not believe in the news that says United States SEC may approve ether spot ETF soon. The process before the approval would be slow.

[KingsDen]

Should we believe in this Bloomberg ETF analyst, James Seyffart:

Spot Ethereum ETF Delays will continue to happen sporadically over the next few months. Next date that matters is May 23rd

If you click on the link in the quote above, on X you will see this:

[TREE DAO] BREAKING: SEC delays Blackrock spot Ethereum ETF.

sec.gov/files/rules/sr…

SEC will not rush this. Do not believe in the news that says United States SEC may approve ether spot ETF soon. The process before the approval would be slow.

Any special reasons for the slow process and is it necessary if eventually in the end they are gonna approve it. Maybe it will also take as long as that of bitcoin took?

[Yamane_Keto]

Any special reasons for the slow process and is it necessary if eventually in the end they are gonna approve it. Maybe it will also take as long as that of bitcoin took?

The bitcoin ETF was not approved by an overwhelming majority, but rather by accepting 3 YES to 2 NO, which means that there is no consensus or approval on cryptocurrencies. If this were for bitcoin, we would certainly not see altcoins soon. However, speculators are promoting this news to make the price move forward, which has already happened.

Gensler, Hester Peirce and Mark Uyeda Vote for YES VS Caroline Crenshaw and Jaime Lizárraga for NO
If one of the votes had changed, the result would have changed.

https://www.coindesk.com/markets/2024/01/11/gary-gensler-voted-to-approve-bitcoin-etfs-despite-public-criticism/

[yhiaali3]

I still don't understand why Gary Gensler voted for approval even though he is known for his hostility towards Bitcoin and the crypto industry in general. If he had voted no, the result would have been reversed. Strange, incomprehensible situation?

In any case, regarding the approval of the Ethereum ETF, I fear that something like what happened to the Bitcoin ETF will happen. I mean manipulating the market with strong propaganda before the approval to raise the price and then after the approval a significant drop in the price.

[Charles-Tim]

Any special reasons for the slow process and is it necessary if eventually in the end they are gonna approve it. Maybe it will also take as long as that of bitcoin took?

I saw on the news that United States SEC said they need more time to review the proposed rule change or something like that. Also in something like this, we should not expect the SEC to act fast. It will take time as it supposed to be.

I still don't understand why Gary Gensler voted for approval even though he is known for his hostility towards Bitcoin and the crypto industry in general. If he had voted no, the result would have been reversed. Strange, incomprehensible situation?

I think the reason is the victory that Grayscale had over SEC in Court.

https://www.coindesk.com/policy/2023/10/23/grayscale-court-victory-over-sec-in-spot-bitcoin-etf-case-made-final/amp/

[hugeblack]

I still don't understand why Gary Gensler voted for approval even though he is known for his hostility towards Bitcoin and the crypto industry in general. If he had voted no, the result would have been reversed. Strange, incomprehensible situation?

It is true that Gensler does not like Bitcoin and not supporting it, but there is a demand. If they do not succeed in containing this demand, people will buy Bitcoin, and then another scandal may occur, like what happened with FTX, so to avoid all the problems that may occur (if more citizens lose their money in Bitcoin investments) Which they may blame the SEC and to avoid legal disputes he agreed.

Frankly, the ETF is against the concept of decentralization because now there are services such as banks that buy Bitcoin for you and keep it for you.

[KingsDen]

[

Frankly, the ETF is against the concept of decentralization because now there are services such as banks that buy Bitcoin for you and keep it for you.

I agree with you that the whole thing is just against the Satoshi concept of Bitcoin which is majorly decentralization. However, we should also understand that Bitcoin will not remain in the first and early phase forever. Many things will change, more adoption more troubles and more manipulations. But then, if we still have the freedom to practice the initial idea of bitcoin, I think there's no problem.

Since no one is gonna force into my hardware wallet and move my coins to BlackRock, it's still fine

[yhiaali3]

Frankly, the ETF is against the concept of decentralization because now there are services such as banks that buy Bitcoin for you and keep it for you.

Yes, I completely agree with you on this point. ETF completely opposes the concept of Bitcoin and decentralization, but this is what governments like. Governments’ first goal is centralization and control, so they will welcome such institutions that lead Bitcoin towards centralization.

Some people are also happy for companies to guard Bitcoin for them and just buy some stocks instead of owning real Bitcoin, but they may not realize that this is the same principle on which central banks operate.

[Faisal2202]

I still don't understand why Gary Gensler voted for approval even though he is known for his hostility towards Bitcoin and the crypto industry in general. If he had voted no, the result would have been reversed. Strange, incomprehensible situation?

He is not the main player against crypto, his hands are tied with the law, this means, that even if he wants to oppose BTC but the law he and his country have made or following was not opposing the approval of BTC. According to rules and regulations, BTC was not breaking any rules that would stop its ETF approval so the SEC and all other authorities lost the case in court and big companies that filed for ETF approval got approved.

In easy way, you must have watched some movies in which two best friends who can kill for each other, become worst enemies of each other when one breaks some rule set by both, and the one thing is rules must be followed, even if one lover/friend have to kill another one. I have seen many movies like that. Same thing is happening with Gary the Genslar.

[Z-tight]

Some people are also happy for companies to guard Bitcoin for them and just buy some stocks instead of owning real Bitcoin, but they may not realize that this is the same principle on which central banks operate.

I believe they realize that and that is why they buy BTC's through spot etf's, they do not want to control their keys, neither do they want to use cryptocurrency exchanges. However, it is against the principles of BTC, but these institutional investors do not care about the self control and freedom that BTC offers, they simply want to make returns from it.

[Yamane_Keto]

He is not the main player against crypto, his hands are tied with the law, this means, that even if he wants to oppose BTC but the law he and his country have made or following was not opposing the approval of BTC. According to rules and regulations, BTC was not breaking any rules that would stop its ETF approval so the SEC and all other authorities lost the case in court and big companies that filed for ETF approval got approved.

They could have procrastinated more, but to be clear, many investors are looking for profit and do not care about decentralization. Many traders leave their money on the exchange platform and rarely withdraw anything to the wallet, and even the wallets they use are closed source, so for many who consider Bitcoin an investment, an ETF is a good solution.

[ZAINmalik75]

Some weeks ago, it was highly anticipated that SEC would approve Bitcoin ETF and favourably it happened as expected. Although the impact so far in the market has been all negative. But I believe on the long run, things will change.

Are there any concrete information about Ethereum ETF approval?

Both have not been declared as securities by the SEC and other authorities in the USA so why would they stop or create hurdles in the approval of ETH approval and ETH is a centralized token and authorities can easily handle and manage ETH's policies but I am afraid it will hurt the market condition. I am seeing a lot of potential and hype for ETH ETFs. Many people are also saying ETH will outperform BTC.

But I think it is also a hype bubble like BTC, BTC ETFs also got hyped and people started to say, it can cross $100k or $80K easily if BTC ETFs got accepted, and many other things people said but what happened was fully unexpected, I think they left some checks uncheck. I think ETH ETFs are also creating the same hype and if the hype pattern is same then ETF for ETH will be approved also.

[hugeblack]

Yes, I completely agree with you on this point. ETF completely opposes the concept of Bitcoin and decentralization, but this is what governments like. Governments’ first goal is centralization and control, so they will welcome such institutions that lead Bitcoin towards centralization.

POS makes the cryptocurrency more capable of being centralized, as the government can print enough money to buy more Ethereum, and therefore at some point a certain group will have the power to control it. Therefore, approving an ETF for a cryptocurrency such as ETH, with the principle of proof of stake, will make things move towards centralization quickly.

[Faisal2202]

They could have procrastinated more, but to be clear, many investors are looking for profit and do not care about decentralization. Many traders leave their money on the exchange platform and rarely withdraw anything to the wallet, and even the wallets they use are closed source, so for many who consider Bitcoin an investment, an ETF is a good solution.

I do understand that people not getting the benefit of decentralization, using centralized exchanges and close source wallets, which are also centralized, but how ETF is a good solution to that? I mean ETF is also centralized. I think you are talking about the security factor. As in ETFs, we get more security even with insurance while on those centralized exchanges and wallets, the security is vulnerable and the insurance is not a word in their dictionary.

ETF also solves many other big problems, including the one you have mentioned. But if we compare it with BTC only, we see BTC has the most advantages but still traditional people who don't want to spend time on setting up wallets and accounts, can directly or indirectly use ETF via broker or there finance consultor.