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Why Grayscale’s CEO Believes The SEC Will Greenlight An Ethereum ETF

Grayscale CEO Michael Sonnenshein has said the SEC will now be more inclined to approve an Ethereum ETF. The United States saw the first approved Bitcoin ETF last week. It marked the end of an eight-year-long since the first bitcoin ETF was filed. ProShares saw the approval of its Bitcoin Futures ETF on Monday, October 18th, and is set to trade on the NYSE today.

This was no doubt a historic moment for the crypto market. The battle for the first approved crypto ETF has been a drawn-out one and now investors can trade on bitcoin ETFs directly from their investment accounts like a ROTH.

Related Reading | Why Bitcoin, Ethereum, And Solana Are Posting Major Gains In The Market

However, the approval of the first bitcoin ETF has led to discussions about when the market will see approval for an Ethereum ETF. Speculations are that the market would see the first ETH ETF soon and Grayscale CEO agrees.

SEC Approving An Ethereum ETF

Sonnenshein was on CNBC’s Squawk Box on Monday to talk about the approval of the first Bitcoin ETF. The CEO sees this as a step in the right direction for the crypto market after the SEC gave the green light for the ETF. He remarked that this showed that the Securities and Exchange Commission was getting more relaxed around the idea of cryptocurrencies.

ETH price trading at $3,812 | Source: ETHUSD on TradingView.com

Sonnenshein added that since the regulator had approved the bitcoin ETF, it is only a matter of time before an Ethereum ETF was approved by it. Ethereum is the second-largest cryptocurrency in the market and has seen interest in it match, and sometimes surpass, that of the top cryptocurrency Bitcoin.

Multiple firms have filed Ethereum ETFs alongside their Bitcoin ETFs. Although both VanEck and ProShares had been asked by the SEC to withdraw their Ethereum ETFs when it was considering the Bitcoin ETFs for approval. This does not mean that the ETH ETFs have no me...

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