Two exchange-traded fund analysts said they were reevaluating the chances of approval

Two exchange-traded fund analysts said they are re-evaluating the chances of the US Securities and Exchange Commission (SEC) approving an Ethereum (ETH) spot trading fund after “hearing chatter” about the financial regulator.

In a May 20 X post, Bloomberg ETF analysts James Seyfart and Eric Balchunas said the SEC may be “doing a 180” on its expected starvation of Ethereum spot ETFs this week. Filings from the regulator, SEC Chairman Gary Gensler’s public statements, and investigative reports previously indicated that the commission may have been preparing to deny spot applications for Ethereum ETFs.

However, according to Seyffart and Balchunas, the two analysts changed their forecast for the ETF’s immediate approval prospects from 25% to 75%. Seyphart hinted that the investment vehicle has become an “increasingly political issue.”

“I will never hear the end of this from the people (ether) in my responses if this turns out to be true,” Seyphart said. “But this is what we are hearing from multiple sources. We should see a bunch of recordings over the coming days if we’re right.

Source: Eric Balchunas

The SEC must decide whether to approve or reject VanEck’s spot ETF before May 23. The commission delayed VanEck’s application as long as it was allowed under regulatory guidelines, making it the first in a long line of spot ETFs to be considered – ARK, 21Shares, Hashdex, Invesco Galaxy, BlackRock and Fidelity are also awaiting a decision from the SEC.

Related: If the SEC approves Ethereum ETFs, many of them will “fall into extreme stealth.”

In an April 9 interview, VanEck CEO Jan Van Eck said he doubted the SEC would approve his company’s ETF application in May. Asset manager Grayscale withdrew an application for an Ether futures ETF on May 7, and Michael Sonnenshein announced that he would step down as CEO on May 20.

US lawmakers in the House and Senate voted in the past two weeks to repeal a Securities and Exchange Commission rule that affects how the regulator treats banks that deal with companies that hold assets. It was not clear at press time whether President Joe Biden intends to follow through on his threat to veto the congressional resolution or sign it into law.

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