The rekindling of discourse concerning a SHIB Spot ETF, the project’s leading developer, and thriving Shiba Inu team member, Shytoshi Kusama, has reignited the community’s enthusiasm
This hint coincides with increasing anticipation regarding the United States Securities and Exchange Commission’s (SEC) Thursday, May 23, approval of Ethereum Spot ETFs.
Shiba Inu, Lead Developer, Initiates Discussion Regarding SHIB Spot ETFs
Interest and confidence among Shiba Inu investors and enthusiasts have been stoked by Shytoshi Kusama’s suggestion on the X (formerly Twitter) platform, suggesting that the project may be poised for a significant development in the cryptocurrency industry.
Kusama initially conveyed his delight in the X post regarding the Ethereum spot ETFs that were recently authorized, extending his congratulations to the development team. “We congratulate our Ethereum friends on the approval of the ETF,” he said.
Additionally, he inquired whether the significant development might facilitate SHIB, specifically a SHIB spot ETF. Nevertheless, the primary developer has deferred a decision regarding the matter to the Shiba Inu community or ShibArmy to concentrate on forthcoming updates.
Notably, discussions regarding a SHIB spot ETF have been prevalent in cryptocurrency since January of this year when exchange funds for Bitcoin were approved. The team initiated a discussion in February regarding the possible inclusion of the products in the 10th edition of the SHIB magazine.
The query “WHEN SHIB ETF” was conspicuously showcased on the cover page, eliciting a sense of inquiry and optimism in the community.
Even though the SHIB magazine did not devote an entire page to this prospective investment product, numerous individuals have inquired vehemently, “Why not?”
Notwithstanding reservations expressed by specific industry analysts regarding its immediate viability, the successful completion of ongoing initiatives could potentially position SHIB as a formidable contender for institutional funding. Furthermore, because the SEC has never accused SHIB of being a security, it is in a stronger position than some other cryptocurrencies that struggle to be classified as commodities or securities.
Petition of the SHIB Spot ETF to Grayscale
Shiba Inu has thus far demonstrated its commitment to implementing the concept by petitioning Grayscale Investments, the largest asset management firm, to provide the requested products. The petition was directed at former Grayscale Chief Executive Officer (CEO) Michael Sonnenshein, according to information from Change.org.
Considering the token’s current compliance with the Howey test for non-security classification, the team strongly recommends that the former CEO submit an application for a SHIB spot ETF. This is because they believe that the company will experience greater ease in progressing without being encumbered by regulatory challenges.
In the petition, the Shiba Inu team provided four primary justifications for why a slot ETF for SHIB should be considered. The aforementioned elements comprise Market Demand Indicators, Investment Exposure and Access Enhancement, Compliance with Regulatory Standards and Security, and Market Leadership.
