Max Keiser, known for his strong support of Bitcoin and role as an advisor to El Salvador’s president, has raised concerns about the potential approval of an Ethereum exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). A well-known Bitcoin advocate who is critical of other digital currencies, Keiser labels Ethereum a “proof-of-stake scam.” In his view, Ethereum’s structure does not meet the SEC’s requirements for approval.
Keiser’s views align with other industry leaders like VanEck and CoinShares who express reservations about the SEC approving an Ethereum ETF. VanEck’s CEO anticipates rejection, explaining that the SEC usually does not offer constructive feedback on proposals. Similarly, the head of CoinShares predicts a bleak outlook for Ethereum ETF approval in 2021 or beyond.
Keiser’s latest support for the SEC in the ongoing legal battle between Coinbase and the SEC reinforces his perspective. In response to a recent court ruling denying Coinbase’s motion to dismiss an SEC lawsuit, Keiser labeled altcoins, ether, and ripple as “unregistered securities,” aligning with the SEC’s classification.
Market Speculation Concerning the Approval of Ethereum ETF
The cryptocurrency world is eagerly anticipating the SEC’s decision on approving a Bitcoin-like Ethereum ETF. However, there’s ongoing debate among analysts and experts about the regulator’s potential move. The expected approval in May has now vanished without a trace. To date, the SEC hasn’t made any public statements regarding this issue, leaving clear information hard to come by.
A new development in this tale emerges from JP Morgan’s corner, raising speculation about potential lawsuits from the SEC if an Ethereum ETF fails to materialize by May. It’s been whispered that these legal actions could influence the SEC’s stance on Ethereum ETFs. However, with prominent figures like Max Keiser voicing skepticism and grappling with regulatory uncertainties, the approval process remains shrouded in mystery.
SEC on the Prudence and Legal Battle with Coinbase
Max Keiser criticizes Ethereum as a “dubious proof-of-stake project,” which may encourage the SEC to approve an Ethereum ETF. Furthermore, the ongoing legal disputes between the SEC and Coinbase are increasing scrutiny over altcoins, with the SEC alleging that their trading involves unregistered securities.
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2024-04-12 18:47