Ethereum ETF: Arms vigil at the SEC at the dawn of a historic day for crypto

The Five Club and the Power of the ETF. After just over four months of listing, Bitcoin spot ETFs are a real success in the United States and the question of when the next financial products linked to cryptocurrency will be approved is already being asked.

Observers are also expecting an important decision concerning the Ethereum ETFs within a few days and while Wall Street is buzzing with a thousand rumors about this, we are going to discover together who are the five people who have the destiny of these ETFs in their hands. hands. These four commissioners gathered around Gary Gensler should give a favorable opinion if we are to believe the latest sources close to the matter, but caution is required as the regulator has accustomed us to unexpected twists and turns. Here is the overview of the SEC team.

Ethereum ETF: Five SEC commissioners to make final decision

A little more than four months after the authorization of Spot Bitcoin ETF, We take the same and start again ! SEC commissioners are expected to vote this week on the Ethereum spot ETF and after weeks of doubts on the part of observers, Monday May 20 changed everything. The probabilities of Bloomberg experts have gone from 25 to 75% and the arrival of these new ETFs on Wall Street suddenly seems more than likely. On this subject, find the excellent publication by our colleague Esprit Cryptique, which has taken up all the latest elements of this file.

The approval of these financial products indexed to the value of Ethereum will therefore be decided by a small group of people working for the SEC and working under the direction of Gary Gensler, the head of the institution. These four commissioners are the same ones who made the decision to accept Bitcoin ETFs last January and following this episode we understood who was in favor of cryptos within the SEC and who was rather against. Let’s take a look at the forces present a few hours before a crucial decision for the ecosystem.

First of all, here are the two commissioners presented as rather favorable to ETFs, Hester Peirce And Mark Uyeda. The first is nicknamed “Crypto Mom” in Washington for his optimistic statements on Bitcoin & Co and she even intervened during the last ETHDenver last February where she advocated decentralization. Even if she has not confirmed that she will vote for it, her personal positions do not leave much doubt.

Turnaround on Monday, May 20 and spot ETH ETFs become probable again – Source: X account

Hester Pierce, Mark Uyeda, Caroline Crenshaw, Jaime Lizárraga and of course Gary Gensler

For his part, Mark Uyedais much more discreet in its support for the crypto sector, which mainly involves repeated criticism of its institution. He recently expressed “strong concerns” on the way in which the regulator took certain decisions and confirmed that he had voted for Bitcoin ETFs. Everything suggests that he will approve the new ETFs on ETH.

In the case opposite, we find Caroline Crenshaw And Jaime Lizarraga who both want tougher regulations and who were against Bitcoin ETFs. Caroline Crenshaw repeats that Bitcoin and cryptocurrencies are a market where reign “fraud and manipulation” and that the SEC must protect American investors. She will be supported by Jaime Lizarraga who is a much more measured opponent of the crypto industry. For him, it is more of a legal question and as cryptos are financial securities, they should be regulated as such. However privately he has expressed some interest in Bitcoin as“viable alternative to traditional finance”. We’ll see if he changes his mind on Ethereum.

This therefore makes a priori two votes for and two votes against and it is therefore Gary Gensler who finds himself with the fifth decisive vote. Bad news ? Not so sure…because even if the best enemy of crypto crystallizes part of the resentment of users and professionals in the industry and even if publicly the gentleman displays unfailing hostility towards cryptoassets, it is also he who in the discretion of the cozy rooms of the SEC decided to authorize spot Bitcoin ETFs last January! Under pressure from the White House? From Congress? From Wall Street? Response to follow in the coming days regarding these new American ETFs.

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