Ethereum

Bitcoin ETF

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Jake Chervinsky, a lawyer with over five years of experience working with Ethereum, recently <a href="https://twitter.com/jchervinsky/status/1767175990285857006" rel="noopener noreferrer nofollow">voiced</a> skepticism about the approval of an Ethereum exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).&nbsp;
Despite his personal desire for the ETF's approval, Chervinsky outlined several objective reasons for his bearish outlook.&nbsp;
He stressed the SEC's apparent disinterest in cryptocurrency technology, political pressures and the agency's focus on market correlation issues as significant hurdles.&nbsp;
As <a href="https://u.today/ethereum-etf-approval-odds-plummet-heres-why" rel="noopener noreferrer nofollow">reported</a> by U.Today, Ethereum ETF approval odds recently plunged to just 24%.&nbsp;
<h2 id="sec-s-stance-and-political-influence">SEC's stance and political influence</h2>
Chervinsky's observations point to a broader sentiment within the SEC that is unfavorable toward cryptocurrencies.&nbsp;
He notes that the SEC perceives little value in crypto technology and views opposition to it as politically beneficial.&nbsp;
This stance is reinforced by pressure from progressive politicians and critics who have opposed previous SEC approvals of Bitcoin ETFs.&nbsp;
Chervinsky argues that the SEC's decision-making is heavily influenced by political agendas, rather than the intrinsic merits of the cryptocurrency market or its underlying technologies.
<h2 id="approval-uncertainty">Approval uncertainty</h2>
The lawyer also discusses the SEC's rationale related to market dynamics, specifically the correlation between spot and futures markets.&nbsp;
Although Grayscale won its lawsuit last year, Chervinsky believes the SEC may still find new grounds for denial that have not been legally tested.&nbsp;
Furthermore, he indicates that the SEC's current lack of action on the necessary approval details, and its focus on market correlation, could be a strategy to strengthen its position for a potential denial.&nbsp;
However, he also mentions that upcoming weeks may provide clearer signals of the SEC's intentions, as was the case with the Bitcoin ETF approval process.

Top Lawyer Explains Ethereum ETF Approval Bearishness

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