CEO Throws Cold Water On May Ethereum ETF Approval – Impact On Price
2024年4月11日 - 9:00PM
NEWSBTC
The much-anticipated arrival of spot Ethereum exchange-traded funds
(ETFs) in the US seems to be hitting a snag. Industry leaders are
voicing growing concerns about the likelihood of securing
regulatory approval from the Securities and Exchange Commission
(SEC), with a deafening silence from the agency fueling anxieties.
Related Reading: Bitcoin Below $70,000: Is $80K Still Possible, Or
Is The Rally Over? Jan van Eck, CEO of investment firm VanEck,
recently cast a shadow of doubt on the possibility of SEC approval
for spot Ether ETFs in May. In a CNBC interview, van Eck expressed
his belief that their application would likely be rejected, citing
a complete lack of communication from the regulatory body. This
sentiment finds an echo in the words of Eric Balchunas, a Senior
Bloomberg ETF analyst, who has significantly downgraded his odds of
approval to a mere 35%. Balchunas attributes this pessimism to the
ongoing “radio silence” between the SEC and fund issuers. Nice
scoop from @joelight. Def interesting but no change our odds. 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.
https://t.co/z76KTtdmHU — Eric Balchunas (@EricBalchunas) April 8,
2024 Ethereum ETF Applications Languish In SEC Limbo The SEC’s lack
of response extends beyond van Eck’s application. Seven other
proposals for spot Ether ETFs are currently gathering dust, with no
indication of progress. This regulatory purgatory is fueling
skepticism among industry commentators. CoinShares CEO Jean-Marie
Mognetti believes that approval for any of these applications is
unlikely “this side of the year,” further amplifying the prevailing
uncertainty. Ethereum is now trading at $3561.8. Chart: TradingView
The current roadblock for Ethereum ETFs stands in stark contrast to
the success story of Bitcoin ETFs. The SEC’s green light for
Bitcoin ETFs offered a glimmer of hope for the cryptocurrency
market. Van Eck highlights the growing interest in Bitcoin as
a “maturing asset class,” with significant untapped investor
demand. Notably, VanEck’s own spot Bitcoin ETF, known by the ticker
HODL, has witnessed significant inflows since its launch in
mid-January, signifying a strong investor appetite for crypto
exposure. Lack Of Clarity Creates Murky Investment Landscape The
lack of interaction from the SEC is a major concern for James
Seyffart, another analyst in the field. He emphasizes that “zero
comments or interactions from the SEC is a bad sign.” This
sentiment suggests a troubling trend in the approval process,
further dampening hopes for a swift resolution on the Ethereum ETF
front. Related Reading: Uniswap Bloodbath: UNI Price Crashes 16% On
SEC Lawsuit Fears Despite the current cloud of uncertainty
surrounding Ethereum ETFs, the cryptocurrency market continues to
experience growth and gain wider acceptance. This indicates that
opportunities for investment diversification in the digital realm
are on the rise. However, until the SEC sheds light on its stance,
investors and industry stakeholders will be forced to navigate a
landscape fraught with uncertainty and intense regulatory scrutiny.
The path forward for Ethereum ETFs remains shrouded in doubt. The
SEC’s silence is deafening, and industry leaders are bracing for
potential rejection. With a lack of clear communication and
mounting skepticism, investors are left facing a blank wall,
waiting for a sign from the SEC. Featured image from Micoope, chart
from TradingView
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