Standard Chartered Anticipates SEC Approval for Ethereum ETFs in May
Standard Chartered anticipates the approval of Ethereum (ETH) exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) on or before the May 23 deadline, providing investors exposure to ETH.
The bank foresees ETH’s value reaching $4,000 once these funds start trading, with the current price standing at $2,372. Major financial players, including BlackRock, have proposed their spot ETH ETFs, following the availability of Bitcoin spot ETFs in the U.S. Standard Chartered cites the SEC’s non-classification of ETH as a security as a key factor in the likely approval.
The Commodities and Futures Trading Commission (CFTC) has long recognized ETH as a commodity. With the recent success of Bitcoin ETFs, Standard Chartered maintains its bullish outlook on BTC, predicting it could reach $100,000 per coin by the end of 2024. Geoffrey Kendrick, head of Standard Chartered Bank’s forex and digital assets research, suggests that this price range “still looks achievable” in the current report.
Clever Robot News Desk 1st February 2024
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