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Ethereum ETF Update: SEC To Reach a Verdict on May 23

The U.S. Securities and Exchange Commission (SEC) will announce its decision on spot Ethereum ETF. On May 23rd after 8:30 pm UTC. This decision comes ahead of a deadline this Thursday and could significantly impact the cryptocurrency market.

Regulators requested that exchanges seeking to list and trade spot ether ETFs expedite updates to their 19b-4 filings, indicating the SEC’s likely considerations in approving these applications.

Ethereum ETF Outlook

Despite previous concerns about the SEC’s hesitancy, recent reports suggest a more favorable stance towards spot ether ETF applications. Bloomberg Intelligence ETF analysts have increased their approval odds to 75% from 25%.

However, the SEC continues investigating whether ether qualifies as a security, particularly after Ethereum transitions to a proof-of-stake mechanism. This classification could influence the SEC’s decision on spot ether ETFs.

The recent launch of Prometheum’s ether custody service has sparked further scrutiny of the SEC’s view on ether’s classification. Prometheum intends to provide custody and trading services for digital assets, including those deemed securities in the U.S.

This development raises questions about the SEC’s stance on ether’s status as a security, which could potentially impact the outcome of the upcoming spot ether ETF decision. The market eagerly awaits the SEC’s verdict on May 23rd, which could have significant implications for the cryptocurrency industry and the broader investment community.

US Congress Bill Sets Blockchain Free from SEC Restrictions

The American Blockchain Act, passed unanimously by the US House of Representatives, empowers the Secretary of Commerce to foster blockchain implementation and advance its adoption nationwide.

The legislation mandates that the Secretary implement measures that enhance American competitiveness, facilitate the implementation and utilization of blockchain and other distributed database technologies, and promote their ongoing development.

The Act encompasses various aspects of distributed ledger technology, including its application across networks, participant roles, and cryptographic principles. Additionally, it delegates responsibilities to the non-governmental representative, Secretary of Commerce, and District of Columbia and defines the transferability of digital information recorded on the blockchain.

Under the Act, the Secretary serves as the President’s chief advisor on policies governing the deployment, utilization, and competitiveness of blockchain and distributed ledger technologies, their applications, and related tokens and tokenization.

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