According to Standard Chartered Bank, the Securities and Exchange Commission is expected to follow a similar approach to approving spot Ethereum exchange-traded funds (ETFs) as it did for spot Bitcoin ETFs.
This means initially rejecting the applications, but ultimately granting approval by the final deadline of May 23. Geoffrey Kendrick, head of the bank’s forex and digital assets research, predicts that ETH prices could reach $4,000 by this date, based on the performance of BTC prices leading up to the BTC ETF approval on January 10.
Kendrick believes that the SEC will approve spot Ethereum ETFs due to factors such as ether not being categorized as a security in the SEC’s previous legal actions against crypto companies, and the Chicago Mercantile Exchange listing ETH as a regulated futures contract.
He also mentions the possibility of another appeal by Grayscale, who wants to turn their ETH trust into an ETF, if their application is denied. Overall, Kendrick sees no reason for the SEC to treat ETH differently than the CME already does.
