By: Eva Baxter
Standard Chartered Bank projects that the U.S. Securities and Exchange Commission (SEC) will likely approve spot Ethereum exchange-traded funds (ETFs) by May 23, basing this anticipation on the timelines and strategies found in the SEC's prior handling of spot Bitcoin ETFs. This view is supported by Geoffrey Kendrick, the head of forex and digital assets research at Standard Chartered. He notes the SEC has refrained from categorizing Ethereum as securities, unlike certain other cryptocurrencies.
The predictor sees Ethereum’s feasible approval being heightened by its status as a regulated futures contract on the Chicago Mercantile Exchange. Kendrick also suggests the Ethereum price could experience a surge to $4,000, similar to what happened with Bitcoin's price prior to its ETF approval.
Kendrick anticipates that the initial approvals would focus on straightforward Ethereum ETFs tracking ETH price movements. He also expects more intricate offerings incorporating staking yield rewards to appear later, referencing European models. Kendrick maintains a positive outlook on the broader crypto market, including Bitcoin. His earlier forecasts predicted a surge in Bitcoin's price to $100,000 by year end, and a staggering $200,000 by 2025, driven by inflows into spot Bitcoin ETFs.
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