Bloomberg analyst believes that in 2024 Gary Gensler will publicly recognize BTC as a commodity and remain silent about ETH
The SEC has postponed its decision regarding Ethereum-based exchange-traded funds for several projects. The initiative covers the Hashdex Nasdaq Ethereum ETF and the Grayscale Ethereum Futures ETF, as well as VanEck’s spot ETH-ETF and a similar product from ARK Invest and 21Shares.
The US Securities and Exchange Commission has “instituted proceedings” to collect additional information from the public about the listing of investment products.
As Bloomberg analyst James Seyffart noted, the regulator’s actions were “expected.” The deadline for this decision is now set for May next year.
“Maybe just clearing the queue before the holidays?” the expert suggested.
At the same time, according to a Bloomberg analyst, the regulator has already proven through its actions that Ethereum cannot be considered a security. Seyffart pointed out that the SEC has sued various crypto projects over the sale of tokens, which the agency believes are unregistered securities.
However, the US Securities and Exchange Commission did not initiate any proceedings with the Ethereum Foundation and did not voice the view that the second largest digital coin by capitalization belongs to securities.
“The SEC’s silence on Ether suggests that at this time the regulator has implicitly recognized this cryptocurrency as a commodity. The agency also approved an ETF for ether futures. If Ether is recognized as a security, this will mean the delisting of all Ether futures that the SEC itself has already agreed to launch,” the analyst said.
In his opinion, if the situation develops according to this scenario, the SEC will have to face not only crypto market participants, but also the CFTC, which regulates futures contracts. Seyffart believes that next year SEC Chairman Gary Gensler will publicly recognize BTC as a commodity and remain silent about assessing the status of ETH, which will again prove: Ethereum is not a security.
