As April reaches its midpoint, anticipation surrounding the prospect of spot Ethereum Exchange-Traded Fund (ETF) approval continues to intensify within the crypto community. Originally earmarked for May, hopes for the green light on a spot ETF for the leading altcoin are bleak amid the deafening silence from regulators, notably the SEC. Speculations abound as analysts and experts weigh in, yet concrete details remain elusive.
The latest development comes from JP Morgan’s camp, projecting potential litigation against the SEC if a spot Ethereum ETF fails to materialize in May. They speculate that such legal action could eventually force the SEC’s hand in approving Ethereum ETFs.
Renowned Bitcoin maximalist and advisor to the president of El Salvador Max Keiser weighed in unexpectedly, asserting the SEC’s prudence in withholding approval for an Ethereum ETF. Keiser, a vocal advocate for Bitcoin and critic of alternative digital assets, dismissed Ethereum as a “proof-of-stake scam” unfit for SEC endorsement.
The SEC is right not to approve an Ethereum (ETH) ETF
It’s a proof-of-stake scam that fails on all requirements the SEC would look for. https://t.co/nLz8boTGtW
— Max Keiser (@maxkeiser) April 11, 2024
Keiser’s skepticism finds resonance with other industry players like VanEck and CoinShares, who also cast doubts about SEC approval.
VanEck’s CEO foresees rejection for the Ethereum ETF in May, citing the SEC’s reticence in providing substantive feedback on applications. Emphasizing the need to shift focus away from ETF aspirations, VanEck’s CEO suggests grappling with the unpredictable ETH gas fees instead. CoinShares’ head aligns with this sentiment, predicting a bleak outlook for Ethereum ETF approval this year, if ever.
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