“May 23rd will be a turning point in the cryptocurrency world. Here’s why.”
According to BitOoda founder Vivek Raman, May 23 will be a turning point in the cryptocurrency world. “We will see all spot Ethereum ETFs approved on May 23,” Raman said in a bold statement.
Despite ETH sentiment currently being cyclically low and the SEC’s ongoing lawsuits against major ecosystem players such as Uniswap, Coinbase, and Consensys, Raman remains bullish. He outlined five key reasons why he believes approval is imminent.
ARK and 21Shares have removed staking from their applications.
ARK and 21Shares, whose spot ETH ETF decision is due on May 23, have amended their filings to eliminate staking. Raman argues that without guidance from regulators that suggests a way forward, no issuer will proactively tap into this potential source of free revenue.
Grayscale withdraws application for ETH futures ETF
Grayscale, known for its patience despite regulatory hurdles, has withdrawn its application for an ETH futures ETF. Raman suggests that Grayscale will not shy away from a fight it can win unless it knows where the ETH ETF is close.
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SEC Approval for ETH Futures ETF
According to Raman, the SEC has already approved an ETH futures ETF, which means ETH is in the same boat as BTC and is considered a commodity under the CFTC. This confirmation occurred after the merger, meaning that Proof-of-Stake ETH remains a commodity.
Gensler’s Statement on ETH
SEC Chairman Gary Gensler stated that ETH is a non-secure asset. Despite the current political debate, Raman believes the ETF decision will clarify ETH’s status.
SEC Exceeds Its Authority
The SEC has been described by the courts as “arbitrary and capricious.” Raman argues that given the current situation, rejecting a spot ETH ETF would result in another embarrassing loss for the SEC. He suggests that the only course of action left is to quietly approve an ETH ETF.
*This content is not investment advice.
Continue reading: A bold statement from a famous founder: “May 23rd will be a turning point in the cryptocurrency world. Here’s why.”
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