'Study Never Giving Up': Crypto Twitter Reacts to Ethereum ETF Win - Decrypt

05/23/2024 22:16

Crypto Twitter took another victory lap after the SEC approved the first spot Ethereum ETFs in the United States.

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After the U.S. Securities and Exchange Commission approved eight spot Ethereum ETFs on Thursday, Crypto Twitter took another 2024 victory lap after the first Bitcoin ETFs were approved in January—and the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21), on Wednesday.

Lawmakers on both sides of the aisle have urged the SEC to approve spot Ethereum ETFs, saying that the exchange-traded product should receive the same consideration as spot Bitcoin ETFs.

Crypto Twitter reacted swiftly to the news that the SEC approved the Ethereum ETFs. Here are some of the standout reactions that followed the historic news.

This week, this day, has been a rollercoaster unlike any other I’ve seen. ETH is effectively deemed a Commodity as we’ve always known it to be. I’m proud to be on team @Coinbase, the trusted partner and custodian for many of the issuers who had 19b-4’s approved tonight. pic.twitter.com/nz1HHFbBSQ

— paulgrewal.eth (@iampaulgrewal) May 23, 2024

all that hubbub for eth to print a +1% daily candle

— foobar/ (@0xfoobar) May 23, 2024

No coin maxi: "There will never be a BTC spot ETF."

Bitcoin maxi: "There will never be an ETH spot ETF."

Ethereum maxi: "There will never be a SOL spot ETF." pic.twitter.com/i0fOVx3HSl

— Aylo (@alpha_pls) May 23, 2024

While the majority of the crypto faithful celebrated, some took a more cautious tone.

alpha on why ETH isn't mooning:
-->only 19-4s approved, not S-1s
-->approval was by division of trading/markets on 'delegated authority'
-->means a commissioner can challenge in next 10 days (also means they are trying to hide the vote b/c it's political)

what's really going on…

— _gabrielShapir0 (@lex_node) May 23, 2024

It was always 50/50 for approval for the #Ethereum Spot ETFs. The SEC really painted themselves in a corner and had no choice but to let it through. It's important to understand that this does not change the bearish outlook for Ethereum at all. https://t.co/pS08fwRWe8

— Samson Mow (@Excellion) May 23, 2024

And last but not least, the guy in the MOG shades who asked former President Trump about keeping crypto in the United States earlier this month—a move that some industry observers, at least, think could have swayed political momentum around crypto.

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