VanEck Moves Closer to Ethereum ETF Launch Amid Crypto-Friendly Political Climate
Summary:
Investment management company, VanEck, has submitted an 8-A form for its Ethereum ETF, indicating progression to live trading. Following this, Bloomberg's senior ETF analyst, Eric Balchunas, predicted spot Ethereum ETFs could be launching as early July 2, 2024. This development comes at a time of active political positioning in the US, where some 52 million pro-crypto voters form an influential voting bloc. Initiatives have been announced to mobilize this group, including pro-crypto candidate donations and educational projects around Bitcoin.
Investment management firm, VanEck, took a significant leap towards live trading of its Ethereum exchange-traded fund (ETF) by filing form 8-A with the United States Securities and Exchange Commission on June 25. This resulted in senior Bloomberg ETF analyst, Eric Balchunas, predicting that spot Ethereum ETFs could be trading as early as July 2, 2024. He pointed to a similar timeline with VanEck's Bitcoin ETF that had its 8-A filing submitted a week before market launch.
Earlier in the month, Balchunas had forecasted an early July launch date for the ETF, as Securities and Exchange Commission staff had made no significant comments on the ETF applicants' S-1 filings. The silence hinted at no major flaws in the proposed ETFs, potentially accelerating their listing.
The unexpected approval of the Ethereum ETFs, according to Balchunas, is seemingly attributable to the political climate under the current government. But SEC Chair Gary Gensler voiced a contrary view, suggesting that Ethereum ETF listings on stock exchanges might not occur until September 2024, depending on how prompt the applicants are.
The greenlighting of a spot Ethereum ETF in the US raised many eyebrows, considering it deviates from the current administration's stance. In the 2024 election year, cryptocurrencies have become more prominent as presidential aspirants attempt to win over pro-crypto electorate.
The Stand with Crypto political committee states that roughly 52 million Americans own crypto, forming a significant voting bloc. The group recently highlighted its achievement in gathering 1 million advocate signatures.
In this politically charged year, several initiatives have been launched by industry leaders to rally the voting public. Among the moves is the Gemini exchange's decision to process donations to pro-crypto candidates and the establishment of the Bitcoin Voter Project, a nonprofit dedicated to Bitcoin education and awareness.
Published At
6/25/2024 7:51:42 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.