With the SEC approving multiple Ethereum spot-based ETFs, Shiba Inu lead developer raises a question about how the approval could pave the way for a SHIB ETF.
Following the SEC’s approval of multiple spot-based Ethereum exchange-traded funds (ETFs), crypto enthusiasts have been debating the next crypto asset in line for a similar product.
Interestingly, Shytoshi Kusama, the pseudonymous lead developer of the Shiba Inu ecosystem, joined the debate, questioning whether the SEC’s approval of multiple Ethereum ETFs could also pave the way for a SHIB ETF.
Congrats to our frens at @ethereum on the ETF APPROVAL! Does this pave the way for #SHIB? I'll let you decide… I'll stay focused on what we have coming. #STAYTUNED
— Shytoshi Kusama™ (@ShytoshiKusama) May 23, 2024
This implies that since Ethereum has succeeded in receiving approval for a spot-based ETF, it prompts the question of whether Shiba Inu could also secure similar approval from the regulatory agency if an issuer makes such a filing.
Kusama did not give a definite answer to the question. However, he urged his followers to share their opinion on the matter.
Notably, no asset manager has indicated any interest in filing for a SHIB ETF despite the SEC choosing not to brand Shiba Inu as a security in its multiple cases against crypto firms. The Shiba Inu community launched a petition in February to convince Grayscale to file for a SHIB ETF. Despite garnering thousands of signatures, the petition has not captured the attention of the asset manager.
In the meantime, Kusama revealed that he will remain focused on upcoming Shiba Inu projects. Also, he congratulated the Ethereum community on the approval of the spot-based ETF products.
Shiba Inu Highlights Significance of Ethereum ETF Approval
Additionally, the Shiba Inu ecosystem official X handle also congratulated the Ethereum community, describing the approval as a huge win for the broader crypto industry.
The handle highlighted the significance of the approval to Shiba Inu community members, stating that it opens doors to greater financial inclusion for them.
This suggests that the approval potentially makes it easier for investors, particularly Shiba Inu community members, to gain more exposure to crypto via Ethereum ETFs.
Furthermore, the Shiba Inu handle highlighted the impact of both the SHIB and Ethereum communities, noting that together, they are active players in driving change.
Congrats to our frens @ethereum The approval of ETH ETFs is a HUGE win for crypto! For the #SHIBARMY it paves the way for greater financial inclusion. Together, we're not just part of the change, we're driving it!
— Shib (@Shibtoken) May 23, 2024
Shiba Inu Prepares for Blockchain Futuristic Conference
Meanwhile, the Shiba Inu ecosystem team is preparing for the upcoming 2024 Blockchain Futuristic Conference in Toronto, an event in which it emerged as a title sponsor.
Notably, Shiba Inu will be showcasing its ecosystem projects, including Shibacals and Shibverse, in a dedicated booth at the conference.
Moreover, Shiba Inu’s liquid staking derivative partner, K9 Finance DAO, hopes to attract more developers to Shibarium with its upcoming hackathon at the Blockchain Futuristic Conference.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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