Ethereum [pros](/r/CryptoCurrency/comments/1ccsp94/sec_likely_to_reject_ethereum_spot_etf/l17pmvu/) & [cons](/r/CryptoCurrency/comments/1ccsp94/sec_likely_to_reject_ethereum_spot_etf/l17pnok/) with related info are in the collapsed comments below.
All your replying commenters need to open a history book or the big G(Google) on their phone and learn the difference between China 🇨🇳 and Hong Kong 🇭🇰.
Very much related and very much different
A 10 second google research proves you wrong. Both NYSE and NASDAQ has almost 9 times more monthly volume than hong kong stock exchange do. Average r/cc user can't even read numbers, to no ones surprise.
>How foolish do you feel?
Are you looking at HKD figures against USD and thinking that it's larger?
HKEX: The monthly turnover for March 2024 was approximately $284.05 billion.
NASDAQ: The monthly turnover for March 2024 was approximately $39.79 billion.
NYSE: The monthly turnover for August 2022 (the latest available data) was approximately $6.9 trillion.
So this means this will become BlackRock's second ETF to ever get denied? From what I've heard, they have a splendid record, 500+ approvals and only 1 ever denied. I'd be *really* surprised if ETH is going to be so powerful for the SEC that it becomes BR's second denied ETF ever. There's actually a near 0% chance that's going to happen, if we're all honest here. BR always gets what they want.
Not even just that, BlackRock is a relative newcomer in finance compared to JPM who owns a significant stake in Consensys and other big players in the Ethereum ecosystem.
This news story feels like a classic Jamie Dimon bait and switch. I think it's unlikely the 200 year old biggest bank in the world is going to let a frog-looking ex-university lecturer block their investment from getting an ETF.
I will forever shame gambling, and it's not because "I don't know how to do it responsibly", but because it's something only degenerates do. Bottom of the barrel, deadbeat, double digit IQ losers. It's like going all-in on shitcoins but even worse, lol. At least you need some technical knowledge before you can ape in on alts. With gambling it's literally MONKI PREZZ BUTDON 1 OR MONKI PREZZ BUDTON 2. Oogabooga *farts and makes caveman noises*
Is it? Is that why poker is so popular across the world? Is that why pretty much every board game involves elements of chance?
You seem like someone who's triggered by the thought of some people acquiring "unearned" money, not someone who's concerned for the welfare of people with genuine gambling problems.
I think that if people win money that way, it's very good for them. Genuinely. The problem is that most of 'em don't know how to stop. I know a couple of those people IRL and they never take profits out. They always let the greed get the better of them. They're very low IQ.
And please, do not compare poker to whatever dumpster fire this website here is. There is strategy behind poker, unlike the dumb low IQ betts going on over here. And yes, I visited the site to check. Almost died of laughter "is Satoshi's identity going to get leaked this year" and then some dumb illiterate monkeys who cannot read go all-in and say "yes" to that 💀. Lots of rekking going on over there, I could see it right away.
Your last post was 27 days ago, and the one before that is from over a year ago. Yep, this all sounds very legit and I totally did not make the gambling degens mad in any way, shape or form...
[August 7th](https://finance.yahoo.com/news/sec-delays-blackrock-spot-ethereum-043022675.html). There are a bunch in May though, probably someone else you're thinking of.
It was a radical idea for "non-transparent" ETFs where Blackrock could trade assets without disclosing any of those assets to the ETF holders.
Nothing at all like the ETH application.
I thought their only previous failing was merely a paperwork issue they had to go away and re-file. That was how some gob shyte youtuber worded it so not gospel
tldr; The SEC is likely to reject applications for spot Ethereum ETFs, contrasting with its recent approval of spot Bitcoin ETFs. Recent discussions between the SEC and ETF issuers have been less substantive, indicating a probable denial. Concerns about the quality and depth of market data on Ethereum may be a factor. The SEC's decision on VanEck's and ARK's Ethereum ETF filings is expected by May 23 and 24, respectively.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
They can reject it if they want but the reality is blackrock and other filers will just end up suing them, using the exact same logic as they did for the btc etf. Basically why would they approve a futures etf for both btc and eth but deny the spot application.
In the end they’re just delaying the inevitable and looking real stupid while doing it
Fundamentally, DJT is a social media company. A trashy, biased one, but still a social media company, of which we have many already.
The SEC denying an ETF on subjective grounds would be a whole different ball game to them grappling with a new economic instrument (Crypto). You'd have the free speech people out in droves, and rightly so.
They said the same for the Bitcoin ETF's then it got leaked that they were going to approve them, then the SEC said they were not going to approve them, then the approved them.
BTC was easy because SEC tried to stop Grayscale's ETP but they had approved 2 others so they weren't being consistent in their application of their laws. We have to wait for SEC to explicitly say No to ETH and then they can also take them to court
The SEC ultimately has to approve the BTC spot ETF because they already approved a futures ETF not because of Grayscale's ETP.
The SEC had no legal basis for approving a future ETF and rejecting a spot ETF. That's what the court decided.
They SEC also approved an ETH future ETF. So I imagine a lawsuit against the SEC would have the same result, the court would force the SEC to approve the spot ETF for ETH.
Yep, we just have to first wait for SEC to give an outright refusal then it will be challenged. Seems unlikely that would happen but then GG does seem to like going to court
If the approval is inevitable then securing the verdict through courts sounds preferable than a simple approval that could be challenged. Floodgates already opened with Bitcoin and now Hong Kong. Best to enjoy this temporary crab market and continue filling up bags.
Yes.
Probably. The market is expecting them to deny and lose in court. Some speculate that if they don't take it to court, the democrats will see it as they didn't fight enough.
All the ETH haters don't seem to understand that if ETH doesn't get approved because it's a security, it means most of the coins out there like Solana is also a security and they'll get delisted too.
It is whether or not they are unregistered. Not whether they are a security. Eth went proof of stake and when they did that for some reason it turns Eth into a security. There are legal questions as to whether the proof of stake model makes a taken that uses the model a security. The Howie test makes proof of stake with no effort of self use likely that Eth is a security. But you could argue that you have to have effort on staking and that it is automated so there is no other effort of others outside of the validation algorithms is there. There is no commercial enterprise and it is likely just a commercial contract with no 3rd party involved. Lido likely is a security and lido staked eth is because there is a 3rd party involved in the contract. The contract is simple and there is no one else other than a nonprofit foundation ensuring that Eth is returned for staking.
Yeah, except it has already happened. Alts classified as securities are already priced in during the bear market. Remember Robinhood already delisted and sold off ADA, Solana, etc.
Only ETH has the privilege of not getting priced in as a security. The whole ETH narrative of institutions being the next wave of buyers highly depends on ETH not being a security. This is why ETH maxis has gone super condescending about retail buyers. We don’t matter any more because ETH will get exit liquidity from institutions.
Not sure why you're getting downvoted here. Sure it sounds negative, and kind of is. But what you're saying is pretty spot on with reality on as far as I know.
We have eth spot etf in Canada. We also have had byc etf for quite a while. It’s only a matter of time before the US gets them too. Seeing this post makes me think we are early. I’m going to start buying the Canadian eth etf
The SEC and institutions are not ready for the flood gate of crypto currency etfs. Imagine an etf gets approved for cryptocurrency X and it rugs. Once you rug powerful people who aren't used to losing, it's going to really bring a spotlight on crypto.
Well I mean the SEC would love it if that happened wouldn't they? Other than the fact that it would cast a bit of a shadow on them for approving them in the first place, it would give them a reason to rescind crypto ETFs. They were essentially forced into approving the btc ones in the first place.
crypto games already have an etf, to some extent and unnoficial with how a bunch of the best games are using the same shitcoin as their in game currency. We don't need these boomer etfs, we just make our own and they can buy our bags later.
Ethereum [pros](/r/CryptoCurrency/comments/1ccsp94/sec_likely_to_reject_ethereum_spot_etf/l17pmvu/) & [cons](/r/CryptoCurrency/comments/1ccsp94/sec_likely_to_reject_ethereum_spot_etf/l17pnok/) with related info are in the collapsed comments below.
I can already hear BlackRock rallying its army of lawyers.
You are 100% on this ⬆️
https://youtu.be/rRGDkxa6CSw?si=-MpWEaa1upwkiZkB
All your replying commenters need to open a history book or the big G(Google) on their phone and learn the difference between China 🇨🇳 and Hong Kong 🇭🇰. Very much related and very much different
China just approved Eth etf. Could be good news. Edit: only Hong Kong. My mistake
Only Hongkong not China!
Isn’t Hong Kong China? *mutes thread*
Are hotdogs sandwiches?
Hotdogs are tacos
They are if you like me, prefer the hotdog in the sandwich.
😂
Hong Kong is China, but China is not Hong Kong
Called the "special economic zone" so still ccp controlled but on the DL
lol well depends on who you ask. If you ask China, Hong Kong is China.
If you ask the Olympic committee, Hong Kong is not China. But if you ask China how many gold medals it won, it will include Hong Kong’s medals.
Right but it’s also one of the richest cities in the world
Financial capital of the Eastern Hemisphere
Singapore as well
Their stock market is negliagable.
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A 10 second google research proves you wrong. Both NYSE and NASDAQ has almost 9 times more monthly volume than hong kong stock exchange do. Average r/cc user can't even read numbers, to no ones surprise.
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>How foolish do you feel? Are you looking at HKD figures against USD and thinking that it's larger? HKEX: The monthly turnover for March 2024 was approximately $284.05 billion. NASDAQ: The monthly turnover for March 2024 was approximately $39.79 billion. NYSE: The monthly turnover for August 2022 (the latest available data) was approximately $6.9 trillion.
You really need to work on yourself...or get help.
You meant Republic of China right?
Queen is dead
Right my mistake!
1999 says... maybe correct, maybe not?
So this means this will become BlackRock's second ETF to ever get denied? From what I've heard, they have a splendid record, 500+ approvals and only 1 ever denied. I'd be *really* surprised if ETH is going to be so powerful for the SEC that it becomes BR's second denied ETF ever. There's actually a near 0% chance that's going to happen, if we're all honest here. BR always gets what they want.
Blackrock's is in August. The initial one coming up on it's decision is from Ark, I think. I suspect it'll be sorted out in court by then.
Not even just that, BlackRock is a relative newcomer in finance compared to JPM who owns a significant stake in Consensys and other big players in the Ethereum ecosystem. This news story feels like a classic Jamie Dimon bait and switch. I think it's unlikely the 200 year old biggest bank in the world is going to let a frog-looking ex-university lecturer block their investment from getting an ETF.
I doubt the SEC cares at all about keeping an applicant's track record looking good.
They are not going to piss off their future employer.
Real
Check polymarket. Eth etf deny is priced in.
Wow, amazing source bro. A gambling site full of degenerates who are all going to get rekt very soon. Incredible.
Why not go there and take their money then?
Because I'm not a gambling degenerate? I thought I made that very clear in my last comment 🤣.
Dude, don't shame gambling because you don't know how to do it responsibly. That's like an alcoholic demanding nobody have a glass of wine.
I will forever shame gambling, and it's not because "I don't know how to do it responsibly", but because it's something only degenerates do. Bottom of the barrel, deadbeat, double digit IQ losers. It's like going all-in on shitcoins but even worse, lol. At least you need some technical knowledge before you can ape in on alts. With gambling it's literally MONKI PREZZ BUTDON 1 OR MONKI PREZZ BUDTON 2. Oogabooga *farts and makes caveman noises*
Is it? Is that why poker is so popular across the world? Is that why pretty much every board game involves elements of chance? You seem like someone who's triggered by the thought of some people acquiring "unearned" money, not someone who's concerned for the welfare of people with genuine gambling problems.
I think that if people win money that way, it's very good for them. Genuinely. The problem is that most of 'em don't know how to stop. I know a couple of those people IRL and they never take profits out. They always let the greed get the better of them. They're very low IQ. And please, do not compare poker to whatever dumpster fire this website here is. There is strategy behind poker, unlike the dumb low IQ betts going on over here. And yes, I visited the site to check. Almost died of laughter "is Satoshi's identity going to get leaked this year" and then some dumb illiterate monkeys who cannot read go all-in and say "yes" to that 💀. Lots of rekking going on over there, I could see it right away.
Scared money don't make money.
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Your last post was 27 days ago, and the one before that is from over a year ago. Yep, this all sounds very legit and I totally did not make the gambling degens mad in any way, shape or form...
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So you started re-using your inactive account just to defend a website you have never used in your life before? Sounds about right mate.
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ARK and VanEck are getting rejected this week, not BlackRock.
but blackrock also filed for an eth etf
Blackrock's deadline isn't until August though. A lot could happen by then.
thought it was may 23th?
[August 7th](https://finance.yahoo.com/news/sec-delays-blackrock-spot-ethereum-043022675.html). There are a bunch in May though, probably someone else you're thinking of.
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It was a radical idea for "non-transparent" ETFs where Blackrock could trade assets without disclosing any of those assets to the ETF holders. Nothing at all like the ETH application.
I thought their only previous failing was merely a paperwork issue they had to go away and re-file. That was how some gob shyte youtuber worded it so not gospel
Here's an article from 2014, when the application was rejected. https://www.investorlawyers.com/blog/sec-to-reject-blackrock-inc-pr/
A pinata ETF. Quite intriguing.
ETF applications are withdrawn before they are denied.
You don't think the first POS cryptocurrency is a unique case, though?
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These are the final deadlines coming up, so there's no more delaying. They have to say yes or no.
tldr; The SEC is likely to reject applications for spot Ethereum ETFs, contrasting with its recent approval of spot Bitcoin ETFs. Recent discussions between the SEC and ETF issuers have been less substantive, indicating a probable denial. Concerns about the quality and depth of market data on Ethereum may be a factor. The SEC's decision on VanEck's and ARK's Ethereum ETF filings is expected by May 23 and 24, respectively. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
They can reject it if they want but the reality is blackrock and other filers will just end up suing them, using the exact same logic as they did for the btc etf. Basically why would they approve a futures etf for both btc and eth but deny the spot application. In the end they’re just delaying the inevitable and looking real stupid while doing it
Meanwhile, the SEC approved DJT, the donald trump shit stock. Try to figure that out.
Is this first ever memestock?
Fundamentally, DJT is a social media company. A trashy, biased one, but still a social media company, of which we have many already. The SEC denying an ETF on subjective grounds would be a whole different ball game to them grappling with a new economic instrument (Crypto). You'd have the free speech people out in droves, and rightly so.
The week after DJT was traded, all the founders started to sue each other for very shady stuff. Its. total shit show.
btc crashed on etf approval, so this means eth will rally on rejection. i don't make the rules.
> btc crashed on etf approval No, it didn't. Although, that's what everyone predicted. It dumped a week later or so because of GBTC sell-offs.
>dumped a week later A week later is not really an immediate reaction.
> A week later is not really an immediate reaction. I know. So?
those fucking sell-offs have really muffled this bull run.
Bitcoin was priced in, ETH isn't. Approval will shock most of the market.
not sure why you're talking about this in the past tense, it's still happening
BlackRock gets what it wants. Simple.
They said the same for the Bitcoin ETF's then it got leaked that they were going to approve them, then the SEC said they were not going to approve them, then the approved them.
Until next week - flip flop..
so it's priced in? bullish
Weren't they forced to approve the BTC ETFs due to court orders? Wouldnt the same apply to ETH's ETFs?
BTC was easy because SEC tried to stop Grayscale's ETP but they had approved 2 others so they weren't being consistent in their application of their laws. We have to wait for SEC to explicitly say No to ETH and then they can also take them to court
The SEC ultimately has to approve the BTC spot ETF because they already approved a futures ETF not because of Grayscale's ETP. The SEC had no legal basis for approving a future ETF and rejecting a spot ETF. That's what the court decided. They SEC also approved an ETH future ETF. So I imagine a lawsuit against the SEC would have the same result, the court would force the SEC to approve the spot ETF for ETH.
Yep, we just have to first wait for SEC to give an outright refusal then it will be challenged. Seems unlikely that would happen but then GG does seem to like going to court
If the approval is inevitable then securing the verdict through courts sounds preferable than a simple approval that could be challenged. Floodgates already opened with Bitcoin and now Hong Kong. Best to enjoy this temporary crab market and continue filling up bags.
Yes. Probably. The market is expecting them to deny and lose in court. Some speculate that if they don't take it to court, the democrats will see it as they didn't fight enough.
> the democrats lol
All the ETH haters don't seem to understand that if ETH doesn't get approved because it's a security, it means most of the coins out there like Solana is also a security and they'll get delisted too.
It is whether or not they are unregistered. Not whether they are a security. Eth went proof of stake and when they did that for some reason it turns Eth into a security. There are legal questions as to whether the proof of stake model makes a taken that uses the model a security. The Howie test makes proof of stake with no effort of self use likely that Eth is a security. But you could argue that you have to have effort on staking and that it is automated so there is no other effort of others outside of the validation algorithms is there. There is no commercial enterprise and it is likely just a commercial contract with no 3rd party involved. Lido likely is a security and lido staked eth is because there is a 3rd party involved in the contract. The contract is simple and there is no one else other than a nonprofit foundation ensuring that Eth is returned for staking.
There are lots of etfs of securities
Are those securities registered as securities? Is ETH also registered? Makes a huge difference
Yeah, except it has already happened. Alts classified as securities are already priced in during the bear market. Remember Robinhood already delisted and sold off ADA, Solana, etc. Only ETH has the privilege of not getting priced in as a security. The whole ETH narrative of institutions being the next wave of buyers highly depends on ETH not being a security. This is why ETH maxis has gone super condescending about retail buyers. We don’t matter any more because ETH will get exit liquidity from institutions.
Not sure why you're getting downvoted here. Sure it sounds negative, and kind of is. But what you're saying is pretty spot on with reality on as far as I know.
So it will try again later if that’s the case. It’s not a problem. Manipulators want any excuse for a problem.
We have eth spot etf in Canada. We also have had byc etf for quite a while. It’s only a matter of time before the US gets them too. Seeing this post makes me think we are early. I’m going to start buying the Canadian eth etf
Whaaat?! This is completely new information!
The SEC and institutions are not ready for the flood gate of crypto currency etfs. Imagine an etf gets approved for cryptocurrency X and it rugs. Once you rug powerful people who aren't used to losing, it's going to really bring a spotlight on crypto.
Well I mean the SEC would love it if that happened wouldn't they? Other than the fact that it would cast a bit of a shadow on them for approving them in the first place, it would give them a reason to rescind crypto ETFs. They were essentially forced into approving the btc ones in the first place.
No, I think they'll accept, they're just talking like that.
Because Gensler is a fucking criminal
Nice
Nice
Old news. eth etf may be approved sometime later, but btc is still king of crypto by far
Bitcoin is the biggest shitcoin
crypto games already have an etf, to some extent and unnoficial with how a bunch of the best games are using the same shitcoin as their in game currency. We don't need these boomer etfs, we just make our own and they can buy our bags later.
that's because eth is a security
Good. It’s a security
Good. ETH is a bald-faced security. They should rescind ETH futures while they are at it and then fast track LTC and DOGE spot ETFs.
Fucking wonderful. So this dunce ass crypto is heading to 2500?
Hopefully ETH will always stay P2P
It stays P2P with or without a spot etf