At present, the entire network is full of optimistic FOMO sentiment. Many people have even discussed which sectors will benefit after the Ethereum ETF is passed. In fact, many people really need to calm down and learn the details of this Ethereum ETF.
First, SGJohnsson, a well-known American financial lawyer, said that according to the current ETF application documents of the institution, the Ethereum ETF is still listed according to the "commodity trust shares" rules. What does this mean?
This means that once the SEC passes the Ethereum ETF, it will have to admit that Ethereum is not a security.
And jchervinsky, chief legal officer of Variant Fund, tweeted that once the Ethereum ETF is passed, the SEC will have to admit that non-pledged ETH is not a security.
Please note that the original text mentioned non-pledge, that is, ETFs involving pledge or Defi attributes will still not be recognized, so does it mean that it will be split? Or converted?
Bloomberg analyst JSeyff said that Grayscale has begun to delete the terms of ETHE conversion to ETH in the application documents, which means that Grayscale has temporarily abandoned ETH involving pledged attributes as an ETF. At the same time, James Seyffart emphasized that from the approval to the issuance of Ethereum's ETH, institutions still need to prepare for several days, weeks or even months, because Ethereum's ETF is not fully prepared when the previous Bitcoin ETF was passed, and many institutions are still caught off guard by the sudden change in the attitude of the SEC.
Combined with what James Seyffart said before, if the 19b-4 document is passed on the 23rd, then S1 will still take several weeks or even months. On the whole, even if the preliminary documents of Ethereum's ETF are passed on the 23rd, Ethereum will still wait for retail investors to buy ETFs through institutions in a certain period of time in the future. In the short term, Ethereum's ETF cannot provide effective buying volume for Ethereum like Bitcoin's ETF.
Meanwhile, the U.S. House of Representatives will vote on Wednesday, with Democrats calling on their colleagues (Republicans) to join the bill's approval process. The bill is called the 21st Century Financial Innovation and Technology Act (FIT21), and the role of the bill is as follows:
FIT21 will establish a clear framework for digital assets in the United States, determining where and how each token and exchange will be regulated.
Synchronize all the news. If the Ethereum ETF is passed, combined with the views of Bloomberg analysts including financial lawyers, only the non-staking Ethereum itself is passed, and the Ethereum involved in the Defi protocol is still not recognized. At the same time, if the legislation is passed today, then in the long run, the United States gradually recognizes that cryptocurrencies are good, but in the short term, a large number of tokens will face regulatory issues in the United States.
So, is it really appropriate to discuss which sector will be rotated after the Ethereum ETF is passed so optimistically?
(For reference only, not investment advice)
