ETH Spot ETF Approval: Expectations Pushed to Next Year

ETH Spot ETF Approval: Expectations Pushed to Next Year

US Approval of ETH Spot ETF Expected Next Year An update emerged on the highly anticipated approval of a spot exchange-traded fund (ETF) for Ethereum (ETH) in the United States. According to an interview with Coindesk, Bizantine Capital's Managing Partner, March Zheng, stated that he now expects the approval to come through in 2024 rather than 2023. Changes in Application Strategy Zheng attributed this shift in timeline to a change in strategy by ETF applicants. He noted that these entities are now excluding staking functions from their applications. This move aims to categorize ETH as a commodity rather than a security, potentially increasing its chances of approval. Upcoming Deadlines In the meantime, the countdown continues for the approval of the VanEck Ethereum ETF and the Arc 21Shares Ethereum ETF. VanEck's deadline stands at March 23, while Arc 21Shares' deadline is March 24. The industry awaits the outcome of these key dates with bated breath. Conclusion While the wait for a US ETH spot ETF continues, Zheng's insights provide a more realistic timeline for its potential approval. The evolving regulatory landscape and strategic adjustments by applicants suggest that a resolution is likely next year, not this year.