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Author: Admin | 2025-04-28
ExclusiveFunds • January 30, 2024, 10:49AM EST UPDATED: August 9, 2024, 5:50AM EDT Quick TakeStandard Chartered Bank expects the SEC to approve spot Ethereum ETFs on May 23.The bank predicts a potential $4,000 target for ETH if it mimics BTC’s pre-approval performance.The Securities and Exchange Commission is expected to follow the strategy employed in approving spot bitcoin exchange-traded funds for spot Ethereum ETFs, starting with rejections and ultimately granting approval on the initial final deadline on May 23, according to Standard Chartered Bank."We expect pending applications for ETH U.S. spot ETFs to be approved on May 23, the final deadline for the first of the ETFs under consideration — the equivalent date to Jan. 10 for BTC ETFs," Geoffrey Kendrick, head of Standard Chartered Bank's forex and digital assets research, wrote in a report on Tuesday. "If ETH prices perform similarly to how BTC prices performed in the lead-up to BTC ETF approval, ETH could trade as high as $4,000 by then."Kendrick foresees the approval of spot Ethereum ETFs primarily on the grounds that the SEC has not categorized ether as a security in its legal actions against crypto companies, and the listing of ETH as a regulated futures contract on the Chicago Mercantile Exchange adds weight to this expectation."Grayscale also has an ETH trust that it wants to turn into an ETF, so a denial of that application would likely lead to another appeal by Grayscale," he said, adding that "we see no fundamental reason for the SEC to
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