SECs’ Frosty Response Cancels User Hope

In January 2024, the idea of launching Ethereum ETFs became more popular due to the overwhelming popularity of Bitcoin ETFs. But now, hopes have started to fade as the SEC has taken a nonchalant approach in approving ETH-based ETFs. 

Eleanor Terett of Forbes reported that the optimism around Ethereum ETFs being approved by May 23rd had begun to diminish. 

Please Read: SEC to Approve Spot Ethereum ETFs in May: Standard Chartered

SECs position on Ethereum ETFs  



Eleanor Terett of Forbes reported that SEC approval may not come by the 23rd May. 

🚨SCOOP – Optimism regarding the @SECGov Approving the $ETH Spot ETFs before May 23rd are waning.

Based on my conversations with people familiar, meetings in recent weeks have been very much one sided, with issuers and custodians trying to rally SEC staff to get the process rolling, but…

— Eleanor Terrett (@EleanorTerrett) March 10, 2024

Terett explained that based on discussions she had with hierarchy figures, it was most likely the Ethereum ETFs would not be approved until May 23rd. 

Forbes journalist added that SEC staff are not responding to the proposal as they have with Bitcoin spot ETFs. 

“Based on my conversations with people familiar, meetings in recent weeks have been very one-sided, with issuers and custodians trying to rally SEC staff to get the process rolling, but the staff is not engaging in meaningful ways as they did with the $BTC spot ETF applications.” 

Please Read: Execs Agree Spot Ethereum ETFs Face 50% Chance of Approval

Truth Bombs

Terett went to X and shared another important element of the discussion. She described how Gary Gensler – the SEC The chief has already “placated the Industry by approving Bitcoin spot ETFs.” Terett also briefly explained Senator Warren’s cold stance toward ETFs and cryptocurrency in general. 

It is important to note that the word “you” means “you”. @SECgov The Bitcoin ETF decision is both wrong in terms of the law and the policy.

The SEC will allow crypto to penetrate even deeper into our lives if it allows them to. financial Cryptography must adhere to basic anti-money laundering laws.

— Elizabeth Warren (@SenWarren) January 11, 2024

“I’m told that @GaryGensler believes he already placated the industry with the approval of the BTC spot ETFs. Also, influential anti-crypto politicians like @SenWarren are already angry at the SEC for approving the $BTC ETFs in the first place and are rallying against the same thing happening for $ETH.” She shared her story with others. 

She ended her remarks by stating that she has a credible source that claims that the ETH ETF application processes are still in the early stages of development. 

Eleanor Terrett, a Forbes reporter, said that the optimism regarding the SEC’s approval before May 23 of the ETH Spot ETF is waning. Anti-cryptocurrency politicians such as Senator Warren are rallying against the passage of the ETH SPOT ETF, and SEC staff have not really promoted it…

— Wu Blockchain (@WuBlockchain) March 11, 2024

“One source tells me: “The staff has been difficult to gauge and we don’t think anyone really knows what they’re thinking. They’re going have to start work It’s best to act quickly if you want it to be a success. The 23rd of May is just a bit over 2 months. Terett concluded.