- A crypto company founder has predicted that May 23 will be a turning point for cryptocurrencies.
- According to BitOoda founder Vivek Raman, May 23 will be a pivotal day in the world of cryptocurrency.
- Raman boldly stated, “On May 23, we will see all spot Ethereum ETFs approved.”
BitOoda founder Vivek Raman predicts May 23 as a pivotal day for cryptocurrencies, expecting all spot Ethereum ETFs to be approved. This article explores the reasons behind this bold prediction.
ARK and 21Shares Removed Staking from Their Applications
ARK and 21Shares, whose spot ETH ETF decisions will be given on May 23, made changes in their applications to remove staking. Raman argues that no issuer would remove this potential free income source in advance without the guidance of a regulator showing a forward path.
Grayscale Withdraws ETH Futures ETF Application
Grayscale, known for its determination in the face of regulatory obstacles, withdrew its ETH Futures ETF application. Raman suggests that Grayscale would not shy away from a winnable fight unless it knew that the spot ETH ETF was imminent.
SEC Approval of ETH Futures ETFs
The SEC has already approved ETH Futures ETFs, which implies to Raman that ETH is in the same boat as BTC and is considered a commodity under the CFTC. This approval was given after the Merge, meaning proof of stake ETH continues to remain a commodity.
Gensler’s Statement Regarding ETH
SEC Chairman Gary Gensler had stated that ETH is a non-security asset. Despite current political debates, Raman believes that the ETF decision will force the clarification of ETH’s status.
SEC Overstepping Its Authority
The SEC has been described as “arbitrary and capricious” by courts. Raman argues that, considering the current situation, the rejection of the spot ETH ETF would result in another embarrassing loss for the SEC. He suggests that the only remaining move is to quietly approve the ETH ETFs.
Conclusion
While the crypto market awaits the pivotal date of May 23, Raman’s bold prediction of all spot Ethereum ETFs getting approved presents an optimistic outlook. The reasons he cites, including changes in applications by ARK and 21Shares, Grayscale’s withdrawal of its ETH Futures ETF application, and the SEC’s previous approvals, paint a hopeful picture for Ethereum’s future.
