The Ethereum community is still looking forward to hearing if an Ethereum-based Spot ETF will be approved by the authorities, with expectations set for a decision by May.
Despite the SEC’s absence of comment on the issue, there’s been growing debate about the potential for approval.
The lack of clear information about the approval process heightens suspicions among investors and supporters, fueling anxiety and excitement in equal measure.
Bitcoin Maxi Weighs In Ethereum Spot ETF Approval
Notable figures in the cryptocurrency world have shared their views on the Ethereum ETF controversy.
Max Keiser, a well-known Bitcoin advocate and advisor to El Salvador’s president, has recently voiced his doubts about the Securities and Exchange Commission (SEC) being overly cautious in granting approval for an Ethereum exchange-traded fund (ETF).
Keiser, who is well-known for strongly supporting Bitcoin and expressing doubts about other digital currencies, criticized Ethereum as a “dubious proof-of-stake project,” implying that it may not have the necessary regulatory support to gain approval from the Securities and Exchange Commission (SEC).
The SEC is right not to approve an Ethereum (ETH) ETF
It’s a proof-of-stake scam that fails on all requirements the SEC would look for.
— Max Keiser (@maxkeiser) April 11, 2024
Keiser’s viewpoint is similar to that of Eric Balchunas, Senior ETF Analyst at Bloomberg, who has recently expressed caution about the chances of getting regulatory approval for a spot Ethereum ETF.
Based on Balchunas’ calculation, there was only a 25% likelihood of Ethereum ETF being approved, adding to the existing doubts about this possibility.
Regarding the Eth ETF approval, we maintain a cautious stance with a 25% expectation, although this is quite a pessimistic viewpoint. The absence of response appears deliberate rather than a sign of procrastination. There’s no positive signal or indication anywhere to be found. On a personal note, I fervently hope for approval but the current situation does not look promising.
— Eric Balchunas (@EricBalchunas) March 25, 2024
Furthermore, Jan Van Eck, the CEO of VanEck, has shared his expectation that their Ethereum ETF proposal might be denied. He attributed this possibility to extended regulatory deliberations and the Securities and Exchange Commission’s (SEC) lack of definitive guidance.
Spot ETH ETF Gains Regulatory Interest Overseas
In the midst of ambiguity about the US Securities and Exchange Commission’s position on Ethereum ETFs, there are indications of a more favorable regulatory landscape in Hong Kong.
Based on Bloomberg’s report, Hong Kong authorities could soon give the green light for exchange-traded funds (ETFs) to invest directly in Bitcoin and Ethereum. This decision might indicate a possible change in the global perspective regarding the regulation of cryptocurrency investment instruments.
With approval, these ETFs would provide investors with fresh opportunities to invest in the digital asset market. Numerous companies are prepared to introduce ETFs, but they first require authorization from the Securities and Futures Commission.
Some international branches of Harvest Fund Management Company from China and a collaboration between Bosera Asset Management (International) Co. and HashKey Capital are among the potential entities seeking approval.
After obtaining regulatory permission, these companies have announced their plans to introduce Bitcoin and Ethereum ETFs, underscoring the increasing interest in cryptocurrency investment vehicles in international financial markets.
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2024-04-13 04:11