Jannat Ara

Standard Chartered Analyst Anticipates SEC Approval for Ethereum ETFs by May 23

Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered Bank, predicts that the U.S. Securities and Exchange Commission (SEC) will approve Ethereum exchange-traded funds (ETFs) by May 23, drawing parallels with the SEC’s approach to Bitcoin ETFs.

Kendrick notes that the SEC’s treatment of Ethereum has been distinct from that of Bitcoin, as Ether is not considered a security in legal actions. Additionally, Ethereum is already traded as a future on the Chicago Mercantile Exchange. Grayscale, with its Ethereum trust, aims to convert it into an ETF, and Kendrick believes that if denied, an appeal is likely.

Confident in Ethereum’s prospects, Kendrick expects its price (ETH) to reach $4,000 by the predicted approval date due to the surrounding hype. He draws comparisons to the approval process for Bitcoin ETFs, highlighting the lack of a significant post-approval price drop for Ethereum, as the Grayscale Ethereum Trust is not as substantial in the Ethereum market as Grayscale’s Bitcoin Trust was for Bitcoin.

Kendrick expresses optimism about cryptocurrencies, forecasting a potential Bitcoin price of $100,000 by the year-end and $200,000 by 2025. He attributes this bullish outlook to the expected continuous inflow of funds into Bitcoin ETFs.

Anticipating SEC approval for basic Ethereum ETFs that track the price of Ethereum on May 23, Kendrick suggests that ETFs incorporating additional earnings from staking may follow, citing existing examples in Europe.

Furthermore, Kendrick discusses Ethereum’s upcoming upgrades, stating that they should enhance Ethereum’s competitiveness and maintain high staking rewards for an extended period, ultimately benefiting Ethereum’s price.

Powered by Crypto Expert BD

Follow us on Twitter: https://x.com/CryptoExpert_BD

Join our Telegram channel: https://t.me/CryptoExpert_BD