Regarding whether the SEC will approve the Ethereum spot ETF next month, American financial lawyer Scott Johnsson believes that it will be rejected, and there is a high probability that there will be no approval this year. At the same time, the ETH/BTC ratio has fallen below 0.048, reaching a new low since May 2021.
(Background information:
Hong Kong beats the US in approving Ethereum spot ETF, Bloomberg analysts: Don’t expect large funds, will it force the SEC to expedite approval?)
The approval of the Ethereum spot ETF before May 23rd (the final approval deadline for VanEck’s application) is a focus of attention in the cryptocurrency market. This week, Hong Kong’s approval of the Ethereum ETF ahead of the US has raised expectations in the market that this may indirectly put pressure on the US Securities and Exchange Commission (SEC) to increase the probability and efficiency of their approval.
Scott Johnsson: It will be rejected next month, and there is a high probability of not approving the Ethereum ETF this year.
However, American financial lawyer Scott Johnsson poured cold water on this today in a tweet. He said:
When further questioned by netizens, “Do you think it is highly likely that they will reject the Ethereum ETF application next month, but approve it before the end of the year?” He responded without reservation:
Previously, Ark Investment Management CEO Cathie Wood also held a cautious attitude towards the approval of the Ethereum spot ETF. She believed that communication between issuers and the SEC is a key indicator, but the SEC has not actively contacted issuers yet. However, Ophelia Snyder, co-founder of 21Shares, which applied for the Ethereum spot ETF together with Ark Investment, is not so pessimistic. She stated that Grayscale’s legal victory over the SEC provides a basis for the case, and if it is rejected, issuers can refer to that case and there are not many differences between the application documents for Ethereum and Bitcoin, so the SEC does not have many issues to discuss with issuers.
Further reading:
Difficult to pass the Ethereum spot ETF in May? Female stock guru predicts a decrease in probability, ConsenSys appeals to the SEC for approval
ETH/BTC hits a new low since May 2021
Recently, Ethereum has been relatively sluggish in terms of on-chain activities and price performance compared to Bitcoin. The ETH/BTC ratio has been steadily declining since March 8th and has now fallen below 0.048, currently at 0.04781, reaching a new low since May 2021.
In addition, since April 11th, the transaction fees on the Bitcoin network have exceeded those of Ethereum (the latest data is $6.74), and according to Etherscan data, the Ethereum Gas is as low as 8 gwei. In recent days, the median Ethereum Gas has been around 11 gwei, the lowest point in the past six months.
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