According to BitOoda founder Vivek Raman, May 23, cryptocurrency It will be a turning point day in the world. With a bold statement, Raman said, “On May 23, all the spotlight Ethereum “We will see their ETFs approved,” he said.

Despite the current cyclical low in ETH sentiment and the SEC’s ongoing lawsuits against major ecosystem participants such as Uniswap, Coinbase, and Consensys, Raman remains optimistic. He outlined five key reasons why he believes approval is imminent:

ARK and 21Shares Removed Staking from Their Applications

ARK and 21Shares, whose Spot ETH ETF decisions will be made on May 23, have amended their filings to remove staking. Raman argues that no issuer would preemptively leverage this potential source of free revenue without guidance from a regulator that provides a path forward.

Grayscale Withdraws ETH Futures ETF Application

Grayscale, known for its perseverance in the face of regulatory obstacles, has withdrawn its application for ETH Futures ETF. Raman suggests that Grayscale won’t shy away from a winnable fight unless it knows the spot ETH ETF is close.

SEC Approval of ETH Futures ETFs

The SEC has already approved ETH Futures ETFs, which implies that ETH is in the same boat as BTC and is considered a commodity under the CFTC, according to Raman. This confirmation was made after the Merge, meaning proof of stake ETH remains a commodity.

Gensler’s Statement regarding ETH

SEC Chairman Gary Gensler stated that ETH is a non-security asset. Despite the current political debate, Raman believes that the ETF decision will force clarification of ETH’s status.

SEC Exceeding Its Authority

The SEC has been described as “arbitrary and capricious” by the courts. Raman argues that given the current situation, rejecting the spot ETH ETF would result in another embarrassing loss for the SEC. He suggests that the only move left is to quietly approve ETH ETFs.

*This is not investment advice.

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