Standard Chartered Bank has made a turnaround on its earlier claims and now stated that the US SEC may soon approve spot ether ETFs, in a move that could heavily benefit the crypto ecosystem.
The crypto sector is abuzz with speculation that the US SEC may soon approve spot Ether ETFs. Standard Chartered (SC) Bank has also claimed the same, also setting price targets for ETH. Meanwhile, it also added that the authority may give the green signal for an Ethereum ETF by May 24. At the same time, multiple asset management firms have revised their ETF applications recently. It may hint that the SEC needed further details before approving the files.
Geoff Kendrick from SC Bank said, “After approval, we estimate that spot ETFs will drive inflows of 2.39-9.15 million ether in the first 12 months after approval,” and added, “In U.S. dollar terms, that equates to roughly $15 billion to $45 billion.”
But, it is not the first time that the world may see an Ethereum ETF. Spot Ether ETFs already trade in Hong Kong, which has become a hub for crypto-related activities. However, the presence of these ETFs in the US may be a significant booster for crypto investors willing to invest in ETH.
Around the time of this news, the market has seen ETH racing ahead to cross $3,700. Crypto traders and investors seem to be highly optimistic about this development.
The Depository Trust and Clearing Corporation(DTCC) has also listed various Ether ETFs recently, including that of Franklin Templeton and VanEck. As a result, crypto enthusiasts have become fairly confident of their approvals as soon as possible.
It is still unlikely what led to the sudden turnaround in the US SEC’s policy regarding the ETFs. But an approval could surely pave a positive path ahead for crypto.
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