The Ethereum (ETH) neighborhood has continued to eagerly await information on approving a spot Ethereum Exchange-Traded Fund (ETF) slated to happen by May.
However, because the US Securities and Exchange Commission (SEC) maintains a conspicuous silence on the matter, hypothesis has risen on the likelihood of the approval.
This hypothesis is additional fuelled by the shortage of concrete particulars relating to the approval course of, leaving buyers and fans nervous and anticipating.
Bitcoin Maxi Weighs In Ethereum Spot ETF Approval
In the spot Ethereum ETF debate, notable voices from the cryptocurrency area have provided their views.
Renowned Bitcoin maximalist and advisor to the president of El Salvador, Max Keiser, has lately expressed skepticism relating to the SEC’s cautious method to approving an Ethereum ETF.
Keiser, identified for his staunch advocacy of Bitcoin and skepticism in direction of different cryptocurrencies, dismissed Ethereum as a “proof-of-stake scam,” suggesting it lacks the regulatory backing crucial for SEC approval.
The SEC is true to not approve an Ethereum (ETH) ETF
It’s a proof-of-stake rip-off that fails on all necessities the SEC would search for. https://t.co/nLz8boTGtW
— Max Keiser (@maxkeiser) April 11, 2024
Keiser’s sentiment echoes that of Bloomberg’s Senior ETF Analyst, Eric Balchunas, who additionally lately shared a conservative outlook on the probability of an ETH spot ETF receiving regulatory approval.
Balchunas estimated the chances of approval at a mere 25%, additional fueling uncertainty surrounding the prospect of an Ethereum ETF.
Re Eth ETF approval, we’re holding the road at 25% odds altho tbh it’s a very pessimistic 25%. The lack of engagement appears to be purposeful vs procrastination. No constructive indicators/intel wherever you look. Personally hope they do approve it however it simply ain’t wanting good. https://t.co/nuBdCDE18L
— Eric Balchunas (@EricBalchunas) March 25, 2024
Additionally, VanEck CEO Jan Van Eck expressed anticipation of a potential rejection of their Ethereum ETF utility, citing extended regulatory opinions and lack of readability from the SEC.
Spot ETH ETF Gains Regulatory Interest Overseas
Amidst the uncertainty surrounding the US SEC’s stance on Ethereum ETFs, studies counsel a contrasting regulatory atmosphere in Hong Kong.
According to Bloomberg, Hong Kong regulators could quickly approve exchange-traded funds investing directly in Bitcoin and Ethereum, signaling a possible shift in international regulatory attitudes in direction of cryptocurrency funding merchandise.
If authorised, these ETFs may supply buyers new avenues for publicity to the digital asset market. Several corporations are poised to launch ETFs pending regulatory clearance from the Securities and Futures Commission.
Among the possible issuers awaiting approval are worldwide arms of Chinese asset supervisor Harvest Fund Management Co. and a partnership between Bosera Asset Management (International) Co. and HashKey Capital.
Upon receiving regulatory approval, these corporations have indicated their intent to launch ETFs investing in BTC and ETH, highlighting the rising demand for cryptocurrency funding merchandise in international markets.
Featured picture from Unsplash, Chart from TradingView
