Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), refused to disclose on Friday whether the SEC would approve the application for an Ethereum spot ETF. Earlier this month, the SEC postponed the applications from BlackRock and Fidelity for the second time and inquired about the public’s concerns regarding the Ethereum Proof of Stake (PoS) mechanism and its potential for fraud and manipulation, indicating that the approval of an Ethereum spot ETF in May is still uncertain.
SEC Delays BlackRock and Fidelity’s Ethereum Spot ETF Application This Month
Gensler: Cryptocurrency Space is Filled with Abuse and Fraud
Experts Hold Different Views on the Approval of Ethereum Spot ETF
Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), evaded questions about whether the SEC might approve an Ethereum spot ETF during an interview with Yahoo Finance on August 8. When asked about the SEC’s stance on the Ethereum spot ETF, he reiterated his previous statement that the approval of a Bitcoin spot ETF in January does not represent the SEC’s endorsement of digital assets, nor does it necessarily mean that they will handle Ethereum in the same manner in the future.
Furthermore, in his interview on Friday, Gensler once again criticized the “abuse and fraudulent behavior” prevalent in the entire cryptocurrency space. As Bitcoin reached a new all-time high this week, he urged investors to recognize that Bitcoin is a “highly speculative and volatile underlying asset.”
The optimistic expectation in the market for the approval of an Ethereum spot ETF by the SEC has also become a catalyst for Ethereum’s surge to $4,000 recently. However, experts hold different views on whether the Ethereum spot ETF will pass in May.
James Seyffart, an ETF analyst at Bloomberg, expressed optimism in January, stating that when the SEC approved nine Ethereum-related futures ETFs last year, they implicitly recognized Ethereum as a commodity. This implies that the first Ethereum spot ETF may be listed this year. In late January, he estimated a 60% chance of approval in May. However, he also acknowledged that the SEC still has many ways to continue postponing the decision. If it is not approved in May, it may have to wait until 2025.
On the other hand, several institutions hold a pessimistic view on the SEC’s approval in May this year. Mark Yusko, the Founder and CEO of Morgan Creek Capital, and analysts at JPMorgan both expect the probability of approval for an Ethereum spot ETF in 2024 to be less than 50%.
Eleanor Terrett, a reporter from Fox Business, even quoted insiders in January, revealing that the SEC’s current inclination is to “forcefully reject” the application.
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Standard Chartered: Ethereum Spot ETF Expected to be Approved by the SEC on May 23, Causing ETH to Surge to $4,000
Is May 24 the Approval Date for “Ethereum Spot ETF”? U.S. Lawyer: There are 90 Days Left! If Not Approved by the SEC, It Might Take Until Mid-next Year
Will the Approval of the Ethereum Spot ETF Lead to a Market Decline? Grayscale’s Sale of 3 Million ETH Could Trigger a Sell-off Similar to GBTC.