The Shiba Inu (SHIB) community received a boost of optimism as Shytoshi Kusama, the leader of the SHIB project, congratulated the Ethereum (ETH) community following the SEC’s landmark approval of the first spot Ethereum ETFs.
In a recent tweet on May 24, Kusama speculated on the potential for a similar Shiba Inu spot ETF, while emphasizing his commitment to the ongoing developments within the SHIB ecosystem.
SHIB ETF prospects and community Focus
In his congratulatory message, Kusama hinted at a possible SHIB ETF sparking discussions within the community, though Kusama stressed that his main focus remains on the upcoming projects for Shibarium and the broader Shiba Inu ecosystem.
Remarking on the possibility that this development could pave the way for a SHIB spot exchange-traded fund in the future. While he acknowledged the potential significance of such an event, Kusama emphasized that his primary focus remains on the ongoing and upcoming projects within the SHIB ecosystem.
Kusama encouraged the community to engage in discussions about the future, such as projects for Shibarium and the broader Shiba Inu ecosystem.
Ethereum ETF approval
On Thursday, May 24, the SEC granted approval for spot Ethereum ETF applications submitted by several prominent Wall Street firms. This decision comes six months after the regulator approved the first spot Bitcoin ETFs, marking a significant shift in the crypto landscape.
Ethereum, being the second-largest cryptocurrency by market capitalization, has now joined Bitcoin in offering spot ETFs, a move that many believe could accelerate Wall Street’s acceptance of crypto assets.
Among the approved Ethereum ETFs are those from financial heavyweights such as BlackRock, Grayscale (which converted its Ethereum Trust into a spot ETF), VanEck, Bitwise, Fidelity, and Ark Invest.
These ETFs, while significant, are expected to manage fewer assets compared to their Bitcoin counterparts. For instance, Grayscale’s new Ethereum ETF holds approximately $11 billion in ETH, which is considerably smaller than its Bitcoin Trust before it transitioned to a spot ETF.
ETF Regulatory adjustments and challenges
The path to approval was not without challenges. Earlier this month, Ark Invest, Grayscale, and Fidelity had to modify their ETF filings to exclude staking services. This adjustment came in response to the SEC’s recent legal actions against U.S.-based exchanges Coinbase and Kraken over their crypto staking services, which the SEC deemed to involve unregistered securities.
The approval of spot Ethereum ETFs represents a pivotal moment for the crypto industry. Venture investor Anthony Pompliano recently tweeted that this step is the “last dam to be broken” before Wall Street fully embraces crypto assets.
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