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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
Ethereum ETFs

SEC Decision Looms: Ethereum ETFs Approval Outlook Fades Ahead Of May 23

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The anticipation surrounding the approval of Ethereum ETFs has grown in the wake of the successful launch of Bitcoin (BTC) spot ETFs. The potential approval of ETH ETFs holds the promise of boosting the cryptocurrency’s price to new heights and attracting a broader range of investors. 

However, according to Fox Journalist Eleanor Terret, optimism regarding the SEC’s approval of Ethereum ETFs by May 23rd is gradually diminishing. 

Ethereum ETFs Encounter ‘One-Sided’ Interactions

In a recent social media post, Terret illuminated the challenges faced by issuers and custodians in engaging SEC staff and revealed potential factors influencing the decision-making process.

Terret shared her observations, indicating that recent conversations with industry insiders revealed a lack of meaningful engagement from SEC staff. 

Related Reading: Bitcoin And Ethereum ETNs Get Nod From London Stock Exchange

Notably, Terret suggested that unlike the discussions surrounding Bitcoin spot ETF applications, where staff actively participated, the interactions regarding Ethereum ETFs have been “one-sided.”  Terret further claimed:

Based on my conversations with people familiar, meetings in recent weeks have been very much one sided, with issuers and custodians trying to rally SEC staff to get the process rolling, but staff not really engaging in meaningful ways like they did with the BTC spot ETF applications.

Terret attributed this shift to SEC Chairman Gary Gensler’s belief that the approval of BTC spot ETFs already addressed industry demands. Additionally, influential anti-crypto politicians like Senator Elizabeth Warren have expressed their discontent with the SEC’s approval of Bitcoin ETFs, potentially influencing the decision-making process for Ethereum ETFs.

SEC Staff’s Stance Remains Elusive

According to Terret’s sources, understanding the SEC staff’s stance on Ethereum ETFs has proven challenging. There is uncertainty about their motivations and decision-making process. However, the clock is ticking, and industry players are hoping for the SEC staff to commence work soon if approval is possible. Terret noted:

One source tells me: “Staff has been very hard to gauge on this and we’re not sure if anyone really knows what’s going on in their heads. But they’re going to have to start work soon if it’s going to have a shot.” May 23rd is a little over 2 months away.

Related Reading: Shiba Inu Price Will See Massive Surge To $0.000052 If This Happens, Analyst Predicts

The waning optimism regarding the approval of Ethereum ETFs raises questions about the cryptocurrency market’s future. While the approval of BTC spot ETFs brought renewed enthusiasm, the hesitance surrounding ETH ETFs may signal a more cautious approach from the SEC. 

Ethereum ETFs
The daily chart shows ETH’s price uptrend. Source: ETHUSD on TradingView.com

As of this writing, ETH has surged to a new two-year high of $4,067, experiencing a notable 4.5% upward trend in the past 24 hours, in line with Bitcoin’s recent upward trajectory.

Featured image from Shutterstock, chart from TradingView.com 

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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