The first Bitcoin exchange-traded fund (ETF) has finally been approved. So, Michael Sonnenshein, the CEO of Grayscale Investments, thinks the United States Securities and Exchange Commission (SEC) will now be more inclined to consider the approval of an Ethereum ETF.
ProShares secured the approval of its Bitcoin Futures ETF on 18th October after 8 years of waiting for the approval of a Bitcoin ETF in the United States.
It’s expected to start trading on the NYSE any moment from now. This is indeed a historic moment for the crypto ecosystem. Investors can now trade on Bitcoin ETFs directly from their investment accounts just like a ROTH.
This notable milestone achieved in the crypto space has brought about the discussion of when an Ethereum ETF would be approved.
Grayscale CEO Agrees that the Market Will Soon See Ethereum ETF
In an interview on CNBC’s Squawk Box, Michael Sonnenshein, the CEO of Grayscale discussed the approval of the first Bitcoin ETF in the United States. In the course of the conversation, Sonnenshein stated that the approval shows that the SEC is getting more used to seeing digital currencies around.
According to the CEO, the approval of Bitcoin ETF will pave the way for the consideration of Ethereum ETF.
Several firms have filed for Ethereum ETFs alongside their Bitcoin ETFs. However, the SEC had instructed both ProShares and VanEck to withdraw their Ethereum ETFs when the regulator was considering the approval of Bitcoin ETFs. This does not indicate that there is no hope for Ethereum ETFs. Bitcoin ETFs are only leading in this regard due to their long history of filings to the SEC.