Bernstein analysts Gautam Chhugani and Mahika Sapra have stated that the SEC’s approval of spot Ether (ETH) ETFs was a strategic move aimed at avoiding legal hurdles rather than responding to political pressure. The SEC had to encounter similar regulatory setups for both spot Bitcoin and Ether ETFs, necessitating a practical decision. Additionally, the analysts dismissed theories of political influence, highlighting President Joe Biden’s veto of the SEC’s SAB 121 repeal bill. Bernstein also reported that the Ether ETF applicants were surprised by the SEC approval, which was finalized on May 23. The eight approved issuers are now awaiting the SEC’s sign-off on their S-1 registration statements.

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