Exchange-traded crypto currency funds [ETF] This year, the focus has been on the blockchain. Ethereum has yet to be able to participate in the Bitcoin ETFs that have been given a go-ahead by US regulators. The optimism surrounding Ethereum ETFs is waning. In an April 9 interview with CNBC, Jan van Eck (CEO of VanEck) expressed skepticism about the approval of VanEck’s Ethereum ETF spot application.
VanEck’s CEO stated that it was likely the application would be rejected. After a period of inaction by the Securities and Exchange Commission, this idea has gained traction. [SEC]. Several industry figures, including Cathie’s ARK Invest and others had previously expressed great hope. The lack of communication by regulators with fund issuers casts doubts over the prospects for approval.
It is striking how the process regulators used to approve spot Bitcoin ETFs contrasts sharply with that of Ethereum ETFs. Before Bitcoin ETFs could be approved, the SEC was active and actively engaged issuers. It provided feedback and shared details with the public. Ethereum ETFs lack this level of engagement.
Also Read: Ethereum ETF: SEC’s Frosty Response Quashes User’s Hope
ETF analysts revise odds
Eric Balchunas went on as Senior Bloomberg ETF analyst. revise His odds of an Ether ETF being approved. In May, his odds had dropped from 70% to 35%. Balchunas blamed the recent drop on current economic conditions. “radio silence” SEC. Balchunas said,
“As we’ve said, need SEC to give comments on the filing documents (the “Critical Feedback” he mentions) and that still ain’t happening, even in person they offering nothing. Silence is violence.”
James Seyffart also expressed concerns over the SEC not interacting with the applicants. He also noted that “zero comments/interactions is a bad sign.”
ETH traded at $3,532.87, with a 4.31% increase over the past 24 hours. Changelly estimates that this asset could reach as much as $3,629.29 on April 20, 2024.
Also Read: Fidelity Files for Spot Ethereum ETF With Staking
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Source: watcher.guru
