According to U.Today, Anthony Pompliano, a well-known Bitcoin advocate and entrepreneur, has shared his views on the potential impact of an Ethereum ETF approval. He suggests that if the Securities and Exchange Commission (SEC) approves the Ethereum ETF, it would be tantamount to endorsing the entire crypto industry. This comes after the approval of Bitcoin exchange-traded funds in January, which Pompliano sees as a significant step towards the full acceptance of the crypto space by Wall Street. He referred to the potential approval of Ethereum-based ETFs as 'the last dam to be broken' for the crypto industry.
Several companies, including Ark Invest, BlackRock, VanEck, and Grayscale, have submitted applications for Ethereum-based spot funds following the approval of their Bitcoin ETFs. The crypto community is divided on the likelihood of the SEC approving these ETFs. Dogecoin co-founder Billy Markus, for instance, expressed skepticism about the approval happening this year.
Meanwhile, a recent report suggests that the odds of the regulator approving spot Ethereum ETFs have risen to 75%. This news has led to a surge in Ethereum's value, pushing it above the $3,650 mark for the first time since April 9. At the time of writing, Ethereum was trading at $3,735, reflecting a significant 20.7% price increase. However, there remains a risk that the SEC could classify Ethereum as a security.
