Shiba Inu Community Calls for Grayscale to Release ETF

Shiba Inu Group Petitions Grayscale to Launch <a href=

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Similar to bitcoin (BTC), members of the SHIBA Inu (SHIB) ecosystem are pushing forth the launch of an Trade Traded Fund (ETF) product. The group is making the request for this product in a really uncommon means, via a SHIBETF-by-grayscale-investments”>petition to Grayscale Investments.

As contained in the Change.org petition, the SHIBA Inu community requested Grayscale CEO Michael Sonnenshein to consider applying for a SHIB ETF as the token currently satisfies the Howey test that it is not a Security. This, they claim, will make it easy for the firm to make the move as it boycotts all regulatory complexities.

Moreover, the proponents of the SHIB ETF noted the popularity of the asset as a major yardstick to show the readiness of the U.S. Market for a spot SHIB ETF. With the age of institutional adoption now fully unraveled after the SEC approved spot bitcoin ETFs in January, proponents of the SHIB ETF consider the product will broaden accessibility to SHIBA Inu for each class of investor.

The petition is already gaining traction and currently has 671 signatures out of the 1,000 needed to pass. It remains unclear whether Grayscale Investments will make a move in the direction of a SHIB group demand for an ETF.

ETF new regular

When america Securities and Trade Fee (SEC) authorised all 11 spot bitcoin ETF final month, a brand new feeling of chance was launched into the Market. Now completely different group members consider that with the BTC ETF success, a related move can also be charted for other coins.

Past the brand new SHIB ETF clamor, there was a rising push for an XRP ETF, with community rumbles about it dating as far back as Q4 last year. The XRP group was additional thrilled just lately when Ripple CEO Brad Garlinghouse commented on the chances of an ETF monitoring the Price of the coin.

The SEC continues to be having a comparatively arduous time deciding on the Ethereum ETF, a development that underscores how different Altcoins, particularly those with current futures ETFs, might find it difficult to get their own spot ETF anytime quickly.

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