Wed, April 03, 2024 at 18:57

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    Kang-hoon

    • Hello Annie, today's news is about Ethereum and the U.S. Securities and Exchange Commission (SEC).

    • The SEC has opened a three-week public comment period on proposals from Grayscale Investments, Fidelity Investments, and Bitwise Asset Management for Ethereum-based ETFs.

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  • Annie

    • Oh really?😮 So, what does this mean for Ethereum?

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    Kang-hoon

    • Well, it's a bit complicated.

    • The SEC's move grants a three-week span for interested persons to present their views on the proposed regulatory adjustments.

    • This comes after the SEC gave the green light for Bitcoin spot ETFs earlier in January.

  • Annie

    • Ah, I see.

    • So, they approved Bitcoin ETFs but not Ethereum ones yet?

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    Kang-hoon

    • Exactly, Annie.

    • The approval pathway seems less straightforward for Ethereum.

    • The SEC's previous resistance to Bitcoin ETF applications was somewhat mitigated by a legal setback in a dispute with Grayscale, leading to a reluctant approval.

  • Annie

    • Hmm...so it's not a sure thing that they'll approve Ethereum ETFs just because they approved Bitcoin ones.😕

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    Kang-hoon

    • That's correct.

    • In fact, SEC Chair Gary Gensler stated in January that the Bitcoin ETF approval does not extend to other cryptocurrencies.

  • Annie

    • Oh wow!😲 So what happens if they do approve Ethereum ETFs?

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    Kang-hoon

    • The introduction of Bitcoin ETFs has significantly boosted investment in Bitcoin.

    • So, if the SEC extends its approval to Ethereum ETFs, Ethereum could enjoy a similar boost.

  • Annie

    • That sounds promising!😃 But what's this about Ethereum's classification?

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    Kang-hoon

    • The SEC is investigating whether Ethereum should be deemed a security, which would differentiate its legal status from that of Bitcoin.

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    • A decision deadline is set for May 23 on some of these ETF applications.

  • Annie

    • So, we'll have to wait and see what happens.

    • Is this good news or bad news for the market?

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    Kang-hoon

    • It's potentially good news.

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    • If the SEC approves Ethereum ETFs, it could lead to increased investment in Ethereum.

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    • However, the uncertainty around Ethereum's classification could create some volatility in the short term.

    • Upon comprehensive consideration, this news is perceived as a 😍Bullish.