SEC to Decide on Ethereum ETF Approval by May 23rd

May 20, 2024, 07:24 PM

The SEC is set to make a crucial decision this week on the approval of spot Ethereum (ETH) ETFs, with Coinbase estimating a 30-40% chance of approval, contrary to market consensus of 16%. The decision deadline is Thursday, May 23rd, and the outcome could significantly impact Ethereum's price volatility. Analysts predict a potential +/-4.8% move in ETH by the end of the week. The decision involves the approval of both 19b-4s (exchange rule changes) and S-1s (registration statements). Five SEC commissioners will vote, and Gary Gensler may be the deciding vote. Prediction markets currently give a 7% chance of approval. The market anticipates a rejection, but any approval could lead to significant price increases. VanEck, Ark Invest, and 21Shares are among the firms awaiting the SEC's decision.