The ever-vibrant Shiba Inu community is buzzing with excitement as the project’s team member and lead developer, Shytoshi Kusama, has reignited discussion regarding a SHIB Spot ETF. This tease comes in the midst of growing enthusiasm surrounding the approval of the Ethereum Spot ETFs by the United States Securities and Exchange Commission (SEC) on Thursday, May 23.
Shiba Inu Lead Dev Sparks SHIB Spot ETFs Discussion
Shytoshi Kusama’s hint on the X (formerly Twitter) platform has fueled interest and confidence among Shiba Inu investors and aficionados, which indicates that the project might be preparing for a big move in the cryptocurrency industry.
In the X post, Kusama at first expressed his pleasure towards the recently approved Ethereum spot ETFs, congratulating the team on the development. “Congrats to our friends at Ethereum on the ETF approval,” he stated.
He further questioned if the notable development could pave the way for SHIB, particularly a SHIB spot ETF. However, the lead developer has left the Shiba Inu community or ShibArmy to decide on the subject, while he focuses on upcoming future updates.
It is worth noting that the discussion about a SHIB spot ETF has been observed in the crypto landscape since the approval of the exchange funds for Bitcoin in January this year. In February, the team raised a conversation about the potential introduction of the products for SHIB in its 10th edition of the SHIB magazine. The query “Wen SHIB ETF” was clearly displayed on the cover page, igniting curiosity and hope within the community.
Although the SHIB magazine did not include a specific section on this potential investment product, many have been aggressively asking, “Why not?”
Despite doubts from certain industry observers over its short-term sustainability, the accomplishment of current projects may establish SHIB as a strong candidate for institutional investment. Also, SHIB is in a better position than some other cryptocurrencies that are having trouble being classified as commodities or securities because the SEC has never accused it of being a security.
SHIB Spot ETF Petition To Grayscale
Shiba Inu has thus far displayed its efforts in making the idea a possibility by requesting the products through a petition to Grayscale Investments, the largest asset management company. According to details from Change.org, the petition was aimed at former Grayscale’s Chief Executive Officer (CEO) Michael Sonnenshein.
Given that the token presently passes the Howey test to be classified as a non-security, the team strongly advises the former CEO to apply for a SHIB spot ETF. This is due to their belief that the company will find it easier to move forward as it not burdened by regulatory difficulties.
Shiba Inu’s team laid out four key justifications in the petition for why a spot ETF for SHIB needs to be taken into consideration. These include Market Demand Indicators, Enhancing Accessibility and Investment Exposure, Adherence to Regulatory Standards and Ensuring Security, and Leadership in the Market.
Featured image from iStock, chart from Tradingview.com
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