1/ Recently, there’s been a lot of chatter about spot #Ethereum ETFs. I personally am not deterred by it and believe the ETFs should be approved. But right now I want to talk about how I think perceived “lack of SEC engagement” should be viewed at this point:
2/ In the final months leading up to #Bitcoin ETF approval, @Grayscale and others received positive and constructive engagement from the SEC. We had thoughtful conversations and discussed the finer details of creation/redemption procedures, cash v. in-kind, APs, LPs, custody etc.
3/ All of these issues were figured out and are identical when comparing spot #Bitcoin to #Ethereum ETFs. The only difference is rather than the ETF holding bitcoin, it holds ether. So in many ways, the SEC already has engaged and issuers simply have less to engage on this time.
4/ Perhaps I will feel differently as we get closer to final approve/deny dates in late May 2024, but at this point, I don’t think perceived lack of engagement from regulators should be indicative of one outcome or another.
5/ Further, I 100% agree w what others like @iampaulgrewal and @BrianQuintenz have said about why spot #Ethereum ETFs should be approved: consistency w ETH futures ETFs, regulation of ETH futures as commodity futures (vs. security futures), high correlation btw futures and spot.
6/ Investors want and deserve access to #Ethereum in the form of a spot Ethereum ETF and Grayscale believes the case is just as strong as it was for spot #Bitcoin ETFs. We look forward to engaging with the Commission on these important products. $ETHE
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