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25 June 2024
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Sergey Nazarov Says Ethereum ETF Approval Very Clear Sign That More Altcoins Will Follow

Chainlink (LINK) co-founder Sergey Nazarov doesn’t think the U.S. Securities and Exchange Commission (SEC) will stop at Ethereum (ETH).

Last week, the SEC approved form 19b-4 filings from BlackRock, Fidelity, VanEck, Grayscale, Bitwise, Ark, Franklin Templeton and Invesco Galaxy simultaneously, paving the way for spot Ethereum exchange-traded funds (ETFs) in the US.

Nazarov says the approval indicates the regulator will greenlight ETF offerings for other crypto assets in the future.

“The launch of the ETH ETF proves a very basic assumption – that the Bitcoin ETF will not be the only ETF or traditional financial market vehicle through which the average institutional investor and consumer can access cryptocurrencies.

It will extend beyond Bitcoin to, in this case, ETH, but I personally feel that that’s really just the beginning. Just like many systems and protocols initially list Bitcoin and ETH, and then eventually list a multitude of other tokens, that is really the trajectory that we’re on.”

Earlier this year, the Chainlink co-founder said the launch of spot Bitcoin (BTC) exchange-traded funds was a “watershed moment” for the industry, noting it could mark the beginning of a massive influx of capital from global finance.

“Historically the way that this has evolved, is that net new buyers drive more adoption and market cycles. And I think the question to ask is ‘Who are the net new buyers in this cycle?’ The net new buyers are the global financial system, which is a very big group of net new buyers. 

The Bitcoin ETF is an initial offering that allows the global financial system to have basically investment rails, payment rails, and ways to put capital towards cryptocurrency and towards Bitcoin within structures they find comfortable for them and normal and something they can do from a risk point of view.”

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