SEC Approval of Spot Ether ETF by May 31: Polymarket Predicts 11% Chance
CryptoNewsTerminal Staff18 May, 2024
SEC Approval of Spot Ether ETF by May 31: Polymarket Predicts 11% Chance
Polymarket, a prediction market platform, is currently predicting an 11% chance that the U.S. Securities and Exchange Commission (SEC) will approve a spot Ether exchange-traded fund (ETF) by May 31. This prediction is based on the collective wisdom of Polymarket users, who have wagered a total of over $100,000 on the outcome of this event. Spot Ether ETFs are investment vehicles that track the price of Ether, the native cryptocurrency of the Ethereum blockchain. Unlike futures-based Ether ETFs, which track the price of Ether futures contracts, spot Ether ETFs would provide investors with direct exposure to the underlying asset. The SEC has yet to approve a spot Ether ETF, citing concerns about market manipulation and investor protection. However, Polymarket's prediction suggests that market participants are increasingly optimistic that the SEC will eventually greenlight a spot Ether ETF. If the SEC does approve a spot Ether ETF, it would be a major milestone for the cryptocurrency industry. It would provide investors with a new and more convenient way to gain exposure to Ether, and it could help to legitimize the cryptocurrency as an investment asset.
