In a detailed legal analysis shared via X, Davis Polk lawyer Scott Johnsson dissected the complex path that Ethereum (ETH) must traverse to secure a spot Exchange-Traded Fund (ETF) approval. This deep-dive analysis, while drawing parallels to the successful Bitcoin (BTC) spot ETF approval, highlights the unique challenges and potential regulatory shifts necessary for Ethereum’s spot ETF prospects.
Part I: General Roadmap To Spot ETF
Johnsson begins his analysis by emphasizing the importance of understanding the general regulatory path for a digital asset to transition into a spot ETF offering. He points out that BTC pioneered this journey through a 4-step path, with each step building on the prior one. “It took seven years from step 1 to spot ETF for BTC, with disapprovals and regulatory hurdles at almost every turn,” Johnsson notes, highlighting the lengthy and complex process involved.
This is the timeline for BTC. You can see it took 7 years from step 1 to spot ETF, with disap
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