A significant dispute has arisen on Polymarket, a blockchain-based prediction platform, regarding the recent approval of multiple-spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC). This issue emerged as Polymarket recorded over $13.2 million in bets on whether the SEC would approve an Ether ETF by May 31. The market closed with a “Yes” decision on May 23.
The controversy stems from differing interpretations of what constitutes an “approved” ETF. Some users argue that for an ETF to be considered approved, both the 19b-4 and S-1 filings must be completed. As the S-1 filings are still pending, these users believe the “Yes” outcome is premature and invalid.
The debate has sparked intense discussions among Polymarket users. Nearly a thousand comments have been posted on the event page, reflecting the community’s division. A prominent opponent, known as “JustKen,” referenced a post by Matthew Sigel, head of digital assets research at VanEck, emphasizing that ETFs require approval of both forms to be officially sanctioned.
Amid the heated debate, some users have proposed a compromise. One suggestion includes splitting the outcome 50/50 due to the ambiguous nature of the approval criteria. This proposal aims to address the differing opinions and provide a fair resolution.
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