In a recent interview, Matthew Sigel, Chief of Digital Asset Research at VanEck, shared his insights on the regulatory progress and future prospects of the company's Spot Ethereum ETF. Following the SEC's approval of a rule change that could pave the way for Spot Ether ETFs, Sigel expressed optimism about the potential approval of VanEck's Ethereum ETF.

Sigel highlighted the significance of the SEC's approval, stating that it recognizes Ethereum as a commodity and paves the way for innovation on open-source blockchains. He also noted that 2024 has seen record highs in various metrics, including blockchain addresses, transactions, and user fees. VanEck has been at the forefront of these developments, filing for a Bitcoin ETF in 2017 and a Spot Ethereum ETF subsequently.

The next crucial step involves the SEC's approval of Ethereum ETFs' S-1 filings. Sigel explained that listing an ETF requires two keys - the 19b-4 and the S-1 - and hopes that VanEck's Ethereum ETF will trade first among its rivals. He also projected a bullish forecast for Ethereum, predicting it could generate over $70 billion in free cash flow to token holders by 2030, supporting a coin price of $22,000.

Sigel emphasized the importance of educating traditional market participants about the real-world use cases of crypto assets, which could open up the market to new buyers, including registered investment advisors and pension funds. He also acknowledged the political shift toward a more favorable regulatory environment for crypto, driven by industry lobbying efforts.

In conclusion, VanEck's Matthew Sigel revealed the company's next steps in the approval journey of its Spot Ethereum ETF, expressing optimism about the potential approval and the transformative potential of crypto assets. As the regulatory landscape continues to evolve, VanEck remains at the forefront of innovation in the crypto space.