In January 2024, the crypto ecosystem witnessed tradable ETFs for the first time in DeFi history. The spot Bitcoin ETFs have been trading for six months now. The second half of 2024 will see the launch and trade of ETH ETFs in American markets.
The United States SEC Hester Peirce, often known as the crypto mom, says that Ethereum ETFs will have more functionality than BTC ETFs.
ETH ETFs could have more functionality than BTC ETFs
Securities and Exchange Commissioner Hester Peirce has earned her share of respect from the crypto community. Unlike Gary Gensler, she has not been one to call for crypto regulations that kill the market.
According to Bloomberg’s Eric Balchunas, ETH ETFs could go live on July 23rd, 2024. In an X post, he argues that industry participants who have filed for the ETH ETFs could “then request effectiveness on Monday after close for a TUESDAY 7/23 LAUNCH.”
He then adds, “Ironic and kind of funny, 7/23 is right in the middle of the biggest Bitcoin conference of the year.” Donald Trump will be a guest speaker at the 2024 Bitcoin conference.
In a recent interview, Hester Peirce argued that Ethereum ETFs that can stake could be reconsidered. She added, “I think certainly something like staking, or any feature of the product … those are always open for reconsideration as far as I’m concerned.”
“There has been a sea change [in Silicon Valley]. We’ve gone from loud voices in the community speaking out on behalf of Biden, now those voices are getting quiet,” says @Jessicalessin. “These tech leaders say they are being moved by policy…by Trump’s support of crypto.” pic.twitter.com/ZsYLps8F9V
— Squawk Box (@SquawkCNBC) July 17, 2024
In September 2023, Ether adopted a proof-of-stake consensus mechanism. Ethereum formerly used a proof-of-work similar to Bitcoin. To that end, Ethereum staking entails locking up ETH on the blockchain, or “staking” it, to potentially earn the power to validate transactions and receive more ETH as a reward.
Ethereum can be staked independently or through a third party, such as a crypto wallet, an exchange, or a staking pool, and could now add ETFs. At the time of writing, ETH’s value is worth $3,452, down 0.1% from an hour ago and up 1.1% from yesterday.
Also Read: Bitwise Report: Spot Ethereum ETF Can Push ETH Price Over $5k
