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Home»ADOPTION NEWS»VanEck, CoinShares CEO doubts SEC will approve spot Ethereum ETF: CNBC
ADOPTION NEWS

VanEck, CoinShares CEO doubts SEC will approve spot Ethereum ETF: CNBC

By Crypto FlexsApril 10, 20243 Mins Read
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VanEck, CoinShares CEO doubts SEC will approve spot Ethereum ETF: CNBC
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Updated: April 9, 2024, 5:45 PM EDT

Companies that have received approval from the Securities and Exchange Commission for spot Bitcoin exchange-traded funds say they have little confidence that the agency will approve their proposals for an Ethereum product. CNBC.

VanEck CEO Jan van Eck told CNBC in an interview published Tuesday that he expects the VanEck Ethereum ETF to be rejected in May. This is the first deadline for the SEC to decide whether the product will pass.

“The legal process is for regulators to comment on your application. This has been happening for weeks, even before the Bitcoin ETF came into existence. The pin is dropping right now as far as Ethereum is concerned,” he said. van Eck told CNBC.

large corporations, including fidelity and black stone, has been applying for a spot ether ETF over the past few months. Optimism gained strength after the SEC. Approved In January, 11 spot Bitcoin ETFs were launched, but this has since declined over the past few weeks.

CoinShares CEO Jean-Marie Mognetti also told CNBC that he was pessimistic about the company’s chances of receiving approval from the SEC. Mognetti said he does not expect any approval this year.

lowered expectations

Bloomberg ETF analyst Eric Balchunas lowered Last month, he estimated the likelihood of a spot Ethereum ETF being approved by May at around 70% to 30%. The cycle of the spot Ethereum ETF felt like the opposite of when the spot Bitcoin ETF was approved, Balchunas said. In the weeks leading up to the approval of the spot Bitcoin ETF, documents were frequently filed reflecting the changes the SEC was supposedly seeking.

Balchunas said his odds had not changed as of Monday.

“As we said, the SEC is required to comment on the filings (what he referred to as ‘critical feedback’), and they are providing none in person. Silence is violence.” said At X.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Sarah is a reporter for The Block covering policy, regulation and legal events. Sarah was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.

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