Ethereum ETF Approval Anticipated on May 23rd with Potential Surge in Value, Report Reveals

United States Securities and Exchange Commission (SEC) Proposes Approval for Ethereum ETFs

The United States Securities and Exchange Commission (SEC) is considering the approval of spot Ethereum ETFs by May 23rd of this year. The news comes from a report by Standard Chartered Bank, a London-based multinational bank, where the head of forex and digital assets research, Geoffrey Kendrick, expressed expectation for the approval.

A Positive Outlook

Standard Chartered Bank’s report suggests that the approval for spot Ethereum ETFs might happen sooner than anticipated. Kendrick detailed in the report, “We expect pending applications for ETH U.S. spot ETFs to be approved on May 23, the final deadline for the first of the ETFs under consideration – the equivalent date to Jan. 10 for BC ETFs.”

If ETH prices perform similarly to how BC prices performed in the lead-up to BTC ETF approval, ETH could trade as high as $4,000 by the approval date.

Conflicting Reports

However, another report from New York-based investment bank TD Cowen contradicts this expectation, suggesting that SEC approval of spot Ethereum ETFs could be delayed to 2025 or 2026 due to the political climate in the United States.

Despite conflicting reports, Standard Chartered Bank has joined numerous financial firms and ETF analysts in their expectation of a May 23rd approval date, considering the SEC’s deadline to approve or deny applications made by Ark21Shares and VanEck.

A Good Sign for spot Ethereum ETFs?

Experts’ optimistic expectations for a spot Ethereum ETF follow the SEC’s recent decision to approve spot Bitcoin ETFs after nearly a decade. This led to a surge in Bitcoin’s price, reaching over $49,000. Many analysts viewed this as a “sell-the-news” event, as the token’s price eventually fell below $40,000. Nevertheless, there is hope for the potential approval of spot Ethereum ETFs.

Goldman Sachs’ digital asset head, Matthew McDermott, expressed optimism about the market’s future, stating, “Seeing big regulated institutions having the ability to issue Bitcoin ETFs is a very powerful statement for the market.”