Ethereum

Gary

As the crypto industry rejoices in the continued <a href="https://news.todayq.com/analysts-bullish-after-market-correction-heres-why/" rel="noopener noreferrer nofollow">bullish momentum</a>, approval over the Ethereum Exchange-Traded Fund (ETF) might see a further delay. Fox Business reporter revealed that the possibility is waning. However, ETH has gained more than 56% in the last 30 days reflecting confidence among the investors. ETH ETF facing troubles? 
Eleanor Terrett, the Fox business reporter in a post revealed that optimism surrounding the approval of ETH ETF by the US Securities and Exchange Commission (SEC) by May 23 is diminishing. The discussions with industry insiders disclose a lack of meaningful engagement from <a href="https://news.todayq.com/sec-needs-sufficient-time-to-consider-bitcoin-etf-options-trading/" rel="noopener noreferrer nofollow">SEC staff</a> in recent meetings, she added. This comes in contrast to the more involved approach observed with Bitcoin (BTC) spot ETF applications.
Certainly, there are several factors that contribute to the skepticism surrounding the approval of ETH ETFs. The first of them is limited SEC engagement. Meetings between issuers, custodians, and the commission’s staff have reportedly been one-sided. The regulator is showing less engagement compared to previous interactions on BTC spot ETFs.
Secondly, the SEC Chair Gary Gensler’s stance is been looked at as less favorable toward ETH ETFs. It can be considered the approval of BTC spot ETFs as a concession to the industry.
The last factor is political influence as an effective anti-crypto politician is reportedly opposed to approving ETH ETFs. This includes Senator Elizabeth Warren who is creating headwinds for the regulatory process. What’s going on with US SEC? 
While the commission has not provided comments on ETH ETFs to asset managers. Bloomberg’s senior ETF analyst, Eric Balchunas reportedly sees this as an unfavorable sign. The absence of dialogue between the SEC and asset managers is lowering the odds of approval. A weaker correlation between Ethereum spot and futures ETFs adds to the pessimism.
According to reports, Coinbase, the US’s biggest cryptocurrency exchange, held a meeting with the SEC to discuss Grayscale’s proposed Ether ETF. Grayscale had applied to convert its Grayscale Ethereum Trust into a spot ETH ETF in October.&nbsp;
The exchange in a presentation addressed potential market manipulation concerns. It highlighted comprehensive surveillance-sharing agreements to monitor fraud and manipulation.
The SEC’s approval of 11 spot Bitcoin ETFs in January marked a significant development, but the regulatory path for ETH ETFs appears to face challenges. With the May 23 deadline just over two months away, industry participants remain uncertain about the SEC’s stance and the potential approval of Ethereum spot ETFs in the near term.
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ETH ETF approval may miss May 23 deadline, Report

Todayq News

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