Double penalty for the SEC. The president of the Securities and Exchange Commission (DRY), Gary Genslerand its teams already have a lot to do with the numerous requests for spot Bitcoin ETF (BTC). But unfortunately for them, if Grayscale Investments has been very patient until now, this is no longer the case. The crypto fund management company has just obtained the record by the SEC of its request forEthereum spot ETF (ETH).
Grayscale wants its ETHE fund to become an Ethereum ETF
The workload for the Securities and Exchange Commission continues to grow, with the files of requests forBitcoin Spot ETF which pile up on his desks. The society Grayscale contributes strongly to this, with its desire to conversion of his fund Grayscale Bitcoin Trust (GBTC) in an exchange-traded fund.
Moreover, just a week ago, Grayscale returned to the charge with its spot BTC ETF, following his legal victory against the SEC. But today it is about the conversion of his fund Grayscale Ethereum Trust (ETHE) in one Ether Spot ETF.
It should first be remembered that, on October 2, 2023, Grayscale and the New York Stock Exchange of NYSE Arcajointly presented this request for conversion of ETHE into spot ETH ETF with the Securities Commission. It is today, 3 weeks later, that this request is finally recorded officially by the services of the US regulator.
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The SEC will see an increase in requests for crypto ETFs
It is therefore under the number 34-98780 that the Securities and Exchange Commission finally registered the request from Grayscale and NYSE Arca this October 23, 2023. This is a departure date which probably launches months (and months) of waiting for Grayscale, if the SEC does not change its tradition of play the watch again and again regarding its decision-making on spot cryptocurrency ETFs.
After the king of cryptos, it is therefore the prince of altcoins who comes knocking on the door of US financial regulators. A tendency who is not not ready to stopand that should even get worse for the SEC if we are to believe a report from Bernstein published last month.
The big fund manager had already predicted that ” pressure “ for a spot ether etf was going to ” to follow closely “ that for a spot Bitcoin ETF. Something that already seems to be starting to happen. But the Bernstein group also anticipates that at a larger scalethis incredible ” opportunity “ what do digital asset ETFs represent next “expand to multiple cryptocurrencies”.
And the pressure from players in the crypto sector – and their allies of classic financelike the NYSE Arca – is not the only one that Gary Gensler suffers. Indeed, the SEC president regularly gets scolded by representatives of the US Congress, for its ill will and counterproductive coercive actions. There capitulation of the regulator seems more and more inevitable.
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