Standard Chartered, a London-based international banking and financial services company, has published a report stating that the SEC will approve Ether ETFs such as Bitcoin. The report was authored by the bank's digital assets research department.

"We are waiting for approval on May 23"

The report, signed by Geoffrey Kendrick, the bank's head of department, noted that as of May 23, the pending requests are likely to be accepted:

"We expect approval for Ether ETFs in the U.S. on May 23. Just as Bitcoin ETFs were adopted en masse on Jan. 10, the same will be true for Ether ETFs. If Ether follows Bitcoin's lead, the ETH price could reach $4,000."

"Grayscale may appeal again"

Noting that the SEC has not defined an investment contract for Ether so far, the report also highlighted Grayscale's Ether fund:

"Grayscale also owns an Ether fund and wants to turn it into an ETF. So far, the SEC has not defined an investment contract for Ether, and if Grayscale's application is denied, the company could file a new challenge with the SEC. Importantly, Ether is listed as a regulated futures contract on the CME. There is no reason for the SEC to view Ether as any different from CME."

Remembered for estimates of 100K and 200K

As it is known, Standard Chartered is remembered for its resounding reports on cryptocurrencies. In a recent report, the company stated that if Bitcoin ETFs are adopted, it could attract between $50 billion and $100 billion in 2024 alone, bringing the price to $100,000. Standard Chartered had also forecast $200,000 for 2025.

May 23, 2024, ARK-21 is known as the deadline for Shares' spot Ether ETF application, but experts expect a mass approval month as well as rejection, as in this report.

Published: January 31, 2024 09:00