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Kang-hoon
Wed, April 10, 2024 at 22:20
Kang-hoon
Hello, Annie.
Today, I have some news about the U.S. Securities and Exchange Commission (SEC) and their stance on Ethereum (ETH) exchange-traded funds (ETFs).
Annie
Oh, Ethereum ETFs?
That sounds interesting.😊 What's the news about?
Kang-hoon
Well, Jan van Eck, the CEO of financial giant VanEck, has reportedly stated that he believes the SEC will likely reject bids to launch Ethereum ETFs.
Annie
Really?
But didn't the SEC approve Bitcoin ETFs earlier this year?🤔
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Kang-hoon
Yes, that's correct.
The SEC did approve Bitcoin ETFs in January after years of rejecting them.
However, van Eck doesn't seem to think the same will happen for Ethereum.
Annie
Hmm...why does he think that?😕
Kang-hoon
He mentioned that the legal process involves regulators giving comments on your application.
This happened for weeks before the Bitcoin ETFs were approved.
But as far as Ethereum is concerned, it seems like there's silence.
Annie
Oh, I see...😮 But isn't Ethereum just as secure and resilient to fraud as Bitcoin?
Kang-hoon
Indeed, some crypto firms such as Coinbase and Consensys are arguing just that.
They're urging the SEC to approve Ethereum ETFs, stating that Ethereum's cybersecurity and resilience to fraud is even greater than Bitcoin's.
Annie
Interesting...🤔 So, do you think this news is bad for the market?
Kang-hoon
In the short term, it could be seen as a negative development.
The approval of Ethereum ETFs would provide traders with more exposure to the asset without having to actually purchase it.
If the SEC does reject these bids, it could limit the growth potential of Ethereum in the market.
Upon comprehensive consideration, this news is perceived as a 😱Bearish.