Expectations surrounding the approval of the Ethereum ETF have grown further. successful Bitcoin (BTC) spot ETF launched. The potential approval of the ETH ETF holds the promise of pushing the price of the cryptocurrency to new heights and attracting a wider range of investors.
However, according to Fox journalist Eleanor Terret, optimism about the SEC’s approval of an Ethereum ETF by May 23 is fading. decreasing.
Ethereum ETF faces ‘one-sided’ interaction
Recently on social media postTerret highlights the challenges issuers and servicers face in engaging SEC staff and reveals potential factors influencing the decision-making process.
Terret shared his observations that recent conversations with industry insiders revealed a lack of meaningful engagement from SEC staff.
In particular, Terret suggested the following, contrary to the discussion surrounding Bitcoin spot: Apply for ETF, while employees actively participated, interactions related to the Ethereum ETF were “one-sided.” Terret argued:
According to conversations with people familiar with it, meetings in recent weeks have been very one-sided, with the issuer and custodian trying to get SEC staff together to move the process forward, but staff not really participating in a meaningful way like they did with the BTC spot ETF. . Application.
Terret attributed this change to SEC Chairman Gary Gensler’s belief that the approval of the BTC spot ETF already met industry requirements. Additionally, influential anti-crypto politicians such as Senator Elizabeth Warren have expressed displeasure with the SEC’s approval of the Bitcoin ETF, which could potentially impact the decision-making process for the Ethereum ETF. .
SEC staff’s position remains elusive
Understanding the SEC staff’s position on the Ethereum ETF has proven difficult, according to Terret’s sources. there is uncertainty About their motivations and decision-making processes. But time is ticking, and industry officials hope SEC staff will begin work soon, if approval is possible. Terret commented:
One source said: “It has been very difficult for staff to gauge this and I am not sure if anyone really knows what is going on in their heads. But we’ll have to start working on it soon to have any chance.” May 23rd is just over two months away.
As optimism about the approval of an Ethereum ETF dwindles, questions are raised about the future of the cryptocurrency market. While the approval of the BTC spot ETF has sparked renewed enthusiasm, the hesitation surrounding the ETH ETF could mean more. a cautious approach In SEC.
As of this writing, ETH has surged to a two-year high of $4,067, experiencing a notable 4.5% uptrend over the past 24 hours, in line with Bitcoin’s recent upward trajectory.
Featured image from Shutterstock, chart from TradingView.com