![Shytoshi Kusama Discusses SHIB ETF's Chances: 'I Will Stay Focused on What's Coming for SHIB'](https://u.today/sites/default/files/styles/736x/public/2024-05/48661.jpg)
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The enigmatic leader of the Shiba Inu team known by the pseudonym Shytoshi Kusama congratulates the Ethereum community on the recent timely approval of the ETF by the United States Securities and Exchange Commission.
He raised the possibility of the same thing happening in the future for a SHIB spot exchange-traded fund.
SHIB ETF Outlook and Shytoshi’s Current Direction
The head of SHIB published a post in which he congratulated the friends of SHIB and Shibarium at Ethereum for the ETH Spot ETF finally receiving the green light from the SEC regulator. He questioned whether this could pave the way for SHIB, perhaps also hinting that a SHIB ETF would likely be approved in the future.
However, without spending much time discussing this hypothetical event, without further ado he stated that it was something the community needed to discuss, but he would remain focused on what the SHIB team was planning. He concluded his post with an intriguing hashtag, #staytuned.
SEC Approves Ethereum ETFs
On Thursday, May 24, the The SEC finally issued its approval for Ethereum ETF spot filings submitted by several Wall Street firms earlier this year. The ETFs were approved six months after the regulator gave the green light to Bitcoin ETFs in mid-January.
Ethereum is the second largest cryptocurrency by market capitalization, and this approval marks a crucial turning point for the crypto industry after BTC spot ETFs. Venture capitalist Anthony Pompliano recently tweeted that this step would be the last barrier to break before Wall Street fully accepts crypto assets.
Among the approved Ethereum ETFs were those submitted by BlackRock, Grayscale (a spot ETF converted from their Ethereum Trust), VanEck, Bitwise, Fidelity and Ark Invest.
These Ethereum spot ETFs are expected to be much smaller in terms of assets under management. For example, Grayscale's ETF holds approximately $11 billion in ETH, which is much smaller than its Bitcoin Trust held before its conversion to a spot ETF.
Earlier this month, Ark, Grayscale and Fidelity were forced to adjust their ETF filings to remove staking since the SEC recently sued two US-based exchanges (Coinbase and Kraken) for their staking services. crypto staking, referring to staked assets and unregistered securities.