🌋 AllianceBernstein Anticipates SEC Approval for Ethereum ETF
postedΒ 19 Feb 2024
Asset management firm AllianceBernste posits that Ethereum (ETH) might be the only cryptocurrency to follow Bitcoin in receiving the green light from the U.S. Securities and Exchange Commission (SEC) for the launch of an exchange-traded fund (ETF). Analysts from the firm estimate a 50% chance of an Ethereum ETF being approved by May 2024, with the likelihood nearing 100% by the end of the year.
Several financial giants, including Franklin Templeton, Blackrock, and Fidelity, which have previously succeeded in launching Bitcoin ETFs, have already filed for Ethereum ETFs. AllianceBernstein suggests that investors are looking beyond merely accumulating the asset; they aim to leverage Ethereum to create new financial markets. However, the SEC has been systematically postponing all such applications.
SEC Chair Gary Gensler has clarified that the approval of a Bitcoin ETF does not guarantee the automatic endorsement of similar products, such as Ethereum ETFs. He indicated that the commission would evaluate each new investment tool individually to assess its compliance with existing laws.
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