Jan van Eck, CEO of VanEck, a US asset management company and issuer of Bitcoin spot ETFs, recently stated that the approval of an Ethereum spot ETF by the US Securities and Exchange Commission (SEC) could signify a historic shift in cryptocurrency investments and predict clearer regulations to come.
In recent news, the SEC approved the 19b-4 filings (exchange rule changes) submitted by eight Ethereum spot ETF issuers and has requested the issuers to submit amended S-1 filings (registration statements). These developments indicate that the launch of an Ethereum spot ETF is not far off.
Jan van Eck, in an interview with CNBC, expressed that the cryptocurrency market is undergoing a significant shift in sentiment, which is related to the SEC’s approval of rule changes for the Ethereum spot ETF. VanEck was the first company to submit an application for an Ethereum spot ETF to the SEC. Although the specific timeline for the listing is still unclear, the approval of an Ethereum spot ETF holds great significance according to Jan van Eck.
Jan van Eck believes that the enthusiasm surrounding the Ethereum spot ETF in May of this year signifies the emergence of clearer regulations and increased interest from investors in cryptocurrencies. VanEck previously issued a statement praising the SEC’s approval and stating that “the evidence clearly shows that ETH is a decentralized commodity, not a security.”
Jan van Eck also mentioned the “21st Century Financial Innovation and Technology Act,” passed by the House of Representatives on May 8. He sees this act as another major step towards transparent cryptocurrency regulation in the United States, although he expresses doubts about its passage in the Senate before the upcoming election.
It is worth noting that since the SEC’s approval of the 19b-4 application for the Ethereum spot ETF on May 23, data from CryptoQuant shows that the Ethereum reserves on centralized exchanges have decreased by approximately 797,000 ETH, worth about $3.02 billion, between May 23 and June 2. The decrease in exchange reserves implies a reduction in the quantity of tokens available for sale. Additionally, data from Glassnode shows that the proportion of circulating supply of ETH held by centralized exchanges has dropped to its lowest level in years, currently at only 10.6%. Analyst Leon Waidmann from BTC-ECHO believes that with the tightening supply of available ETH, the price of Ethereum is likely to experience a significant increase.
Related Reports
Opinion: After the approval of the Ethereum spot ETF, will the altcoin season begin?
Michael Saylor: Approval of the Ethereum spot ETF will be more advantageous for Bitcoin, MicroStrategy will buy ETH?
SEC’s delay of the Ethereum spot ETF: Is it a huge positive? Analyst: Billions are ready to enter the market.