u.today
Just like Bitcoin (BTC), members of the Shiba Inu (SHIB) ecosystem are pushing forth the launch of an Exchange Traded Fund (ETF) product. The community is making the request for this product in a very rare way, through a 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.
Additionally, 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 believe the product will broaden accessibility to Shiba Inu for every 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 community demand for an ETF.
ETF new normal
When the United States Securities and Exchange Commission (SEC) approved all 11 spot Bitcoin ETF last month, a new feeling of possibility was introduced into the market. Now different community members believe that with the BTC ETF success, a related move can also be charted for other coins.
Beyond the new SHIB ETF clamor, there has been a growing push for an XRP ETF, with community rumbles about it dating as far back as Q4 last year. The XRP community was further thrilled recently when Ripple CEO Brad Garlinghouse commented on the possibilities of an ETF tracking the price of the coin.
The SEC is still having a relatively hard time deciding on the Ethereum ETF, a trend that underscores how other altcoins, particularly those with current futures ETFs, might find it difficult to get their own spot ETF anytime soon.