Binance CEO, Richard Teng, comments on the approval of spot Ethereum ETFs by the United States Securities and Exchange Commission, analyzing what the impact will be on the entire crypto sector.
Summary
Binance: the CEO Richard Teng comments on the approval of spot Ethereum ETFs
Richard Teng, the CEO of Binance, has released his comment regarding the impact of spot Ethereum ETFs on the crypto sector, just approved by the Securities and Exchange Commission (SEC) of the USA.
“I join the global cryptocurrency community in welcoming and celebrating the recent approval by the US SEC of Ethereum Spot ETFs, a milestone for the digital asset sector.”
In practice, Teng considers the recent approval of the ETF su Ethereum spot in the USA as a new milestone for the digital asset industry.
In fact, this recognition would reflect according to Teng a growing acceptance of crypto within traditional frameworks, especially in an influential market like that of the United States.
Not only that, the CEO of Binance emphasizes that before this approval there were already 27 Ethereum ETF active, traded in seven geographical markets.
But with the approval by the SEC of the USA, now it would be talked about as a further confirmation of the legitimacy of Ethereum as an asset.
CEO di Binance: the approval of ETFs on Ethereum as a further regulatory acceptance
Teng continues his speech, predicting that the capital distribution for spot Ethereum ETFs will likely be constant, stable, and not drastic. A process already seen with Bitcoin ETFs in the USA, which have generated over $13.3 billion in inflows in the first five months.
Not only that, the CEO of Binance states that such approval represents a regulatory acceptance not only of Ethereum, but also of the entire crypto sector. Here are his words:
“We are optimistic that this new step forward will lead to further regulatory acceptance, paving the way for more mainstream adoption of digital assets globally, whether it be ETH, BTC, or others. Digital assets continue their journey to become a pillar of the future of finance, and Binance is excited to be part of this era of innovation and change.”
Teng became the new CEO of Binance at the end of November 2023, after the former CEO Changpeng CZ Zhao had to resign from the position in agreement with the Department of Justice which accused him of various crimes.
At the beginning of May 2024, then, CZ obtained the sentence from Judge Richard Jones, which sees him sentenced to four months in prison, instead of the 3 years of imprisonment requested by the prosecutors.
The second historic decision by the SEC of the USA
It was January 2024, when the SEC of the USA approved all the applications for spot Bitcoin ETFs.
Immediately after five months, exactly yesterday, the same SEC proceeded to make the second historic decision of the year, giving its green light to exchange-traded funds on Ethereum spot in the United States.
And indeed, with its deposit of May 23, 2024, the SEC has approved the 19b-4 of VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. From now on, the spot Ethereum ETFs can be listed and traded on their respective exchanges.
Tale decisione cancella ogni preoccupazione sui rumors e speculazioni che affermavano che Ethereum fosse una security.
