Grayscale Investments, in its statement against the US Securities and Exchange Commission, criticized the cancellation of VanEck's Spot Bitcoin ETF and emphasized Ethereum.
In the statement sent by Grayscale to SEC member Vanessa Countryman, it was emphasized that the SEC was wrong in rejecting the Bitcoin ETF.
The Spot Bitcoin ETF has not yet been accepted, but the SEC has nevertheless approved three different futures-focused Bitcoin ETFs. While ETFs from VanEck, Valkyrie and ProShares were accepted, the spot ETF made by one of the same companies was not approved.
Grayscale, on the other hand, states that there is no reason for the SEC to approve the derivatives-focused ETF while not approving the spot-focused ETF. According to Grayscale officials, it is hypocrisy that the institution, which is responsible for protecting investors, does not allow the spot product while allowing the futures-oriented product.
Grayscale stated that not only that, but also that Ethereum, the second largest cryptocurrency by total market value, should have an ETF and that the time has come. The previous Ethereum-focused ETF was withdrawn by the company itself, and it is estimated that the SEC has a share in it.
The US approval of the Ethereum ETF could definitely bring incredible volatility to the ETH price. The reason for the recent sudden increase in the price of ETH may be its pricing.