In a groundbreaking growth for the cryptocurrency market, the U.S. Securities and Exchange Commission (SEC) accepted eight Spot Ethereum ETFs on Thursday, May 23, 2024. Among these reacting to this information was Shiba Inu’s lead developer, Shytoshi Kusama. Moreover, the dev hinted at the potential of a Shiba Inu (SHIB) ETF and teased main future upgrades for the ecosystem.
Shytoshi Kusama On Shiba Inu ETF
Kusama took to X (previously Twitter) to congratulate Ethereum on the milestone. “Congrats to our frens at @ethereum on the ETF APPROVAL!” Furthermore, he teased a possible Shiba Inu ETF sooner or later. He questioned, “Does this pave the way for #SHIB?” However, there was no clear indication of the identical as he left the neighborhood to resolve on it.
Shiba Inu’s Kusama wrote “I’ll let you decide… I’ll stay focused on what we have coming. #STAYTUNED.” Furthermore, it implies that they’re having a number of updates arising, additional instilling confidence within the SHIB ecosystem.
In addition, this message has ignited hypothesis amongst Shiba Inu traders and lovers, suggesting that the meme coin may observe in Ethereum’s footsteps with its personal ETF. The SEC’s approval of the Ethereum ETFs was surprising, given the company’s latest inactivity in partaking with issuers.
Hence, the eight accepted ETFs embody choices from monetary heavyweights resembling VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. These ETFs shall be listed on main exchanges together with CBOE, NYSE ARCA, and NASDAQ. Moreover, it’ll broaden Ethereum’s accessibility to a wider vary of traders.
Also Read: Coinbase Listing Shiba Inu, Floki, Bonk Perpetual Futures
Trading Is Still Far From Real
However, regardless of the regulatory nod to the 19b-4 filings, the Ethereum ETFs can not begin buying and selling till the issuers obtain approval for his or her S-1 registration statements. James Seyffart, a Bloomberg analyst, famous that whereas this course of may very well be expedited in a number of weeks, it has traditionally taken as much as three months or extra. Hence, a Shiba Inu ETF can also be not going to be true someday quickly, nonetheless, the state of affairs nonetheless stays unpredictable.
On the flip aspect, a major issue behind this approval was political strain from U.S. lawmakers. Earlier, a bunch of House representatives, together with Majority Whip Tom Emmer and New Jersey Democrat Josh Gottheimer, despatched a letter to the SEC Chair Gary Gensler urging the approval of those ETFs.
They argued that the approval of Ethereum ETFs could be according to the requirements utilized by the SEC after endorsing spot Bitcoin ETFs earlier this yr. This advocacy is taken into account one of many key causes for the SEC’s swift choice, which even caught some insiders without warning.
Meanwhile, Shytoshi Kusama’s tweet additionally hinted at information of great future endeavors for Shiba Inu, although he remained cryptic concerning the specifics. This has fueled pleasure inside the SHIB neighborhood. Furthermore, a SHIB ETF, as talked about by Kusama, may legitimize Shiba Inu, marking a large milestone.
Also Read: Shiba Inu Magazine Unveils 25th Edition, SHIB & K9 To Seize Global Limelight
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