Approval of Ethereum spot ETF increasingly doubtful among industry experts: Reuters
A report from Reuters on Thursday said growing doubts among industry experts that the U.S. Securities and Exchange Commission will approve a spot ether exchange-traded fund in May. It comes after U.S. issuers and other companies have had disappointing meetings with the agency in recent weeks.
According to Reuters, four industry representatives said recent meetings between issuers and the SEC were one-sided and that agency staff did not engage in substantive discussions about the submitted ETF applications.
“It seems more likely that approval will be delayed until late 2024 or longer. The regulatory situation still looks unclear,” Todd Rosenbluth, head of ETF analysis at VettaFi, told Reuters.
Hong Fang, head of OKX cryptocurrency exchange, told Reuters that doubts surrounding the approval of a spot ether ETF would put downward pressure on the second-largest digital asset by market capitalization. “As people raise expectations, there is more downward pressure on prices,” Fang said.
VanEck, ARK Investment Management and seven other issuers have filed with the SEC to list an ETF that tracks the spot price of Ether. The SEC deadlines for filings by VanEck and ARK are May 23 and May 24, respectively.
Ethereum is down more than 5.5% over the past 24 hours, trading at $3,084 at 7:07 a.m. ET, according to The Block’s pricing page.
Ether price has fallen by more than 5% in the last 24 hours. Image: Block.
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