According to Bernstein, the approval of the ETF spot on Ethereum could increase expectations that Solana will also be classified as a commodity.
Questo evento segnerebbe un precedente significativo. Ciò poiché Ether diventerebbe il primo asset digitale non Bitcoin a essere considerato una commodity, aumentando così le aspettative che Solana possa seguire un percorso simile.
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Solana in attesa: crescono le aspettative per la classificazione di altre crypto come commodity grazie all’ETF su Ethereum
As anticipated, the approval of a spot exchange-traded fund (ETF) for Ether (ETH) in the United States will be seen as a significant regulatory relief for the criptovalute sector.
Furthermore, it could increase expectations that Solana (SOL), ETH’s rival, will be classified as a commodity. This according to a research report by the broker Bernstein published on Tuesday.
The report suggests that the Biden administration might ease its stance on cryptocurrencies ahead of the presidential elections in November.
We remind you that the report was sent to clients a few days before the final SEC deadlines for the approval of some ETH ETF requests. On the other hand, a potential Trump victory would be widely positive for the sector.
Gli analisti Gautam Chhugani e Mahika Sapra hanno scritto quanto segue:
“In the long term, we believe that, if Trump were elected, cryptocurrencies could receive significant legislative and agency support (with a new SEC chairman), leading to lasting structural changes in the financial integration of cryptocurrencies. More tactically, the approval of the Ethereum ETF would set a precedent for a first non-Bitcoin blockchain asset to be considered a commodity, raising hopes that other cryptocurrencies like Solana follow the same path.”
The final deadlines of the SEC
As we know, the classification of cryptocurrencies as securities or commodities has important implications.
For example, the requests and approval of ETFs depend on the classification of tokens as commodities. While the classification as a security entails more stringent regulatory oversight by the SEC.
Ether rose at the beginning of the week after two ETF analysts from Bloomberg increased the chances of SEC approval for spot ETFs to 75% from the previous 25%.
Furthermore, it rose after it emerged that the regulatory authority had suddenly asked applicants to update their documents. Thus indicating a higher probability of approval.
This week, the SEC has several final deadlines for requests for Ether spot ETFs, after postponing the decisions multiple times.
The previsioni di Bernstein e Galaxy
Bernstein observes that Bitcoin has recorded a rally of 75% since the approval of spot ETFs and expects similar price action for Ether.
The floating supply and the offer of Ether seem more attractive compared to Bitcoin, as 38% of the cryptocurrency is locked in staking, smart contracts, and layer 2 chains, and 66% of the ETH supply has not been moved in the last twelve months, the report observed.
While it is likely that the requests for spot ETF on Ether 19b-4 will be approved this week, the S-1 requests might take weeks or months to come into effect.
Alex Thorn, head of research at Galaxy Digital (GLXY), wrote in a report on Tuesday:
“…with the result that there will be no spot vehicles of ETH tradable on the stock exchange until this summer.”
If the SEC approves the spot ETFs, Galaxy predicts that they could be launched on the exchange in July or August.
Galaxy also expects that the regulatory authority will approve all requests simultaneously to avoid giving an advantage to a single issuer.
