Standard Chartered Expects Ether ETF Approval on May 23rd

Standard Chartered’s Geoffrey Kendrick expects the SEC to approve the U.S. Ether ETF on May 23rd.

From initial denial to approval, Standard Chartered expects similarities between the Ether ETF and the SEC’s approach to the Bitcoin ETF.

Geoffrey Kendrick, the bank’s head of foreign exchange and digital asset research, believes the U.S. Ether ETF will be approved by the end of May. Kendrick compares the situation to that of the Bitcoin ETF and believes that the price of ethereum (ETH) could reach $4,000 by then due to speculation.

Kendrick’s confidence comes from the fact that the SEC did not consider ethereum a security in its legal action. Ether is already traded as futures on the Chicago Mercantile Exchange.Bitcoin Miner

“Grayscale, which owns the Ether Trust, wants to convert it to an ETF. if they’re denied, they may appeal,” he said, adding that there’s no reason for the SEC to treat Ether differently.ETChash Miner

Kendrick is generally optimistic about cryptocurrencies and their price valuations. Kendrick predicts that Bitcoin could reach $100,000 by the end of this year and $200,000 by 2025. He believes these goals are possible, especially given that money is expected to continue to flow into Bitcoin ETFs.

The price of Bitcoin fell slightly after the approval of the Bitcoin ETF due to outflows from the grayscale Bitcoin Trust, but the price of Bitcoin has since bounced back and is currently around $43,540. Kendrick does not believe that Ether will face the same post-approval price drop because the grayscale Ether Trust does not account for as large a share of the Ether market as the grayscale Bitcoin Trust accounts for in Bitcoin .

Kendrick expects that on May 23, the SEC will approve the basic Ether ETF that follows the price of Ether. He added that ETFs that include the pledge of additional proceeds could come later and already exist in Europe.

Kendrick also talked about an upcoming upgrade to Ether, which he said should make Ether more competitive and keep the rewards high for a longer period of time, which in turn will benefit the price of Ether.