The day cryptocurrency enthusiasts have been waiting for has finally arrived, with the SEC scheduled to reveal its decision on the Ethereum ETF application today. Bitcoin‘s price showed significant volatility following comments from SEC Chair Gary Gensler, fluctuating between $69,000 and $67,716 due to poor service PMI data. Despite this, Ethereum has remained relatively stable, creating anticipation for the potential approval of the ETH ETF.
What Time is the Spot ETH ETF Decision?
The SEC will disclose its decision at 23:00 Turkish time, right after the US stock markets close. VanEck, being the first applicant, is likely to receive the decision first. However, if the SEC follows equal opportunity principles as it did previously, other applications may also be addressed. A key factor is whether the filings are complete and up to date, especially considering the recent changes in stance and expedited processing imposed by the SEC.
The SEC’s recent move to expedite processes has put pressure on applicants to finalize their documents quickly, particularly on sensitive points like staking. If the submissions are not ready, firms like VanEck and Ark Invest might withdraw their applications to reapply later, adding to the uncertainty surrounding the ETH ETF approval.
Current State of Cryptocurrencies
In today’s developments, US politicians urged the SEC to approve ETH ETF applications. The SEC has already directed Nasdaq and CBOE to fast-track the necessary updates. Gensler’s remark that some altcoins are not securities hints at a possible reduction in resistance against Ethereum. This could potentially lead to the removal of Wells Notices and lawsuits related to ETH. Investors and politicians, especially before the elections, would not favor the SEC opposing an ETF already in trading.
Key Takeaways for Investors
Here are some essential insights for investors:
- The SEC decision on ETH ETF is imminent, with potential market impact.
- Bitcoin’s volatility could continue based on regulatory comments and economic data.
- Completeness of ETF filings is crucial for approval; delays may lead to application withdrawals.
- Political pressure supports ETH ETF approval, which may influence the SEC.
- A shift in the SEC’s stance on altcoins could affect related legal actions.
We are in the midst of exciting and risky hours in the cryptocurrency market. Volatility doesn’t always translate to profit, and investors should remain cautious.