Justin Sun, Tron’s founder, expressed his belief that the SEC won’t approve a spot Ethereum ETF in May based on their current knowledge gap about crypto. He urged the industry to focus on educating regulators and be prepared for a long-term process.
Due to the SEC’s delay in approving spot Ethereum ETFs up until now, Justin Sun, Tron’s founder, is skeptical that the regulatory body will favorably review the numerous applications for this financial product.
SEC Needs to be Educated on Crypto
Sun expressed his candid viewpoint on X, indicating that the anticipated approval of a spot Ethereum Exchange-Traded Fund (ETF) in May is unlikely. His subsequent remarks imply that the regulatory body’s reluctance or potential denial of these applications stems from a gap in understanding regarding the spot Ethereum ETF.
As a seasoned crypto investor, I recognize the importance of a prolonged educational dialogue between the crypto industry and regulators. It’s essential that we help regulators grasp the complexities of digital currencies, ensuring a mutually beneficial environment for growth. We’ve been navigating this space together for some time now, haven’t we?
From my perspective as a crypto investor, I believe it’s unlikely that an Ethereum ETF will be approved in May. The crypto industry still has a long way to go when it comes to educating regulators about the nuances of digital assets. But let’s not forget, we’ve been navigating this landscape together for some time now.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 28, 2024
His post emerges during an extended period of anticipation for the SEC’s verdict on the ETF offering. Over half a year has passed since some pioneering applicants, including ARK Invest, submitted their bids to the securities regulatory body for a spot Ethereum ETF. The SEC had initially scheduled its decision for May 24, 2024. Notably, they have deferred the ETF applications from industry giants like BlackRock and Fidelity, among others.
Last week, I learned that the Commission delayed its verdict on approving Franklin Templeton’s Ethereum spot ETF and pushed back the deadline to June 11, 2024. Simultaneously, they invited public comments regarding BlackRock’s proposed Ethereum spot ETF, the iShares Ethereum Trust, following recent amendments.
As an analyst, I’ve noticed that the ongoing indecision surrounding regulatory approvals has cast a significant shadow over the crypto industry, raising doubts about the feasibility of securing approval in the future.
Spot Ethereum ETF Applicants Are Pessimistic
At Paris Blockchain Week, VanEck CEO Jan Van Eck expressed growing skepticism about the prospects of a spot Ethereum ETF being approved. He suggested that his company and ARK Invest could potentially be among the first applicants to face rejection.
Regarding Ethereum ETFs, CoinShares CEO Jean-Marie Mognetti expressed his viewpoint that “nothing is likely to be approved before the end of the year.”
According to a recent Reuters report shared on Coingape, the entities applying for Ethereum spot ETFs and related firms are anticipating rejection of their applications by the U.S. Securities and Exchange Commission (SEC) in May, following unfavorable encounters with the regulatory body.
As a researcher examining this topic, I’ve noticed that each disposition is significantly driven by the Securities and Exchange Commission (SEC)’s strong determination to label Ethereum as a security.
Read More
- SOL PREDICTION. SOL cryptocurrency
- USD ZAR PREDICTION
- MNT PREDICTION. MNT cryptocurrency
- AVAX PREDICTION. AVAX cryptocurrency
- OP PREDICTION. OP cryptocurrency
- ARKM PREDICTION. ARKM cryptocurrency
- EUR KRW PREDICTION
- VIC PREDICTION. VIC cryptocurrency
- NLS PREDICTION. NLS cryptocurrency
- Call of Duty: MW3 and Warzone Season 5 Reloaded Update Patch Notes Revealed
2024-04-29 10:13