Roxanna Islam is the Head of Sector & Industry Research at VettaFi.
, decodes the issuer's S-1 filings for these ETFs and discusses the progress made since the approvals of the spot bitcoin ETFs earlier this year.For fans of crypto, ETFs, or both, the potential launches of spot ether ETFs have added to the excitement that began earlier this year with the spot bitcoin ETF launch. As potential approvals approach, there has been discussion about certain documents like 19b-4s and S-1s and their relevance.
In addition, final approval could create a regulatory framework for institutional adoption, which is a market estimated to be in excess of $100 trillion globally. Bigger picture, an ETF launch could further the legitimacy of the asset class and overall acceptance, which would ultimately encourage more attention and inflows. This would be a big win for the validation of the digital asset space and future inclusion in diversified portfolios.There is a concern that spot ETF approvals could potentially create massive players who could significantly influence validator power over time. The same applies for counterparty, centralization and concentration risks.
As an example, staking allows participants to earn rewards for their participation in securing the Ethereum network, which in some ways directly embodies the ethos of the Ethereum ecosystem and the community values. Beyond staking, there are countless ways to support projects which may result in a range of benefits that go beyond monetary reasons. Community and culture are the cornerstones of the digital world. An ETF arguably misses many of these key attributes.Note: The views expressed in this column are those of the author and do not necessarily reflect those of CoinDesk, Inc. or its owners and affiliates.
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