Ethereum

Litecoin

<div class="coinjournal"> 
 <ul> 
 <li>Valkyrie co-founder and CIO Steven McClurg says a spot Ethereum ETF approval is unlikely in May.</li> 
 <li>He says its likely a Litecoin or XRP spot ETF is approved before that of ETH.</li> 
 </ul> 
 Steven McClurg, the co-founder and CIO of asset management firm Valkyrie, believes the US Securities and Exchange Commission (SEC) will not approve a spot Ethereum ETF approval in May. 
 The Valkyrie CIO shared his remarks during a fireside chat at the Digital Wildcatters Empower Conference. 
 Fox Business’ Eleanor Terrett shared McClurg’s opinion via her official X account on Wednesday, March 27. 
 <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 🚨NEW: Some key takeaways from my fireside chat at @DWildcatters Empower Conference with @ValkyrieFunds CIO @stevenmcclurg: 
 📌He believes $ETH could be a security and the spot ETF will not get approved in May. 
 📌He thinks it’s more likely a $LTC or $XRP spot ETF gets approved… pic.twitter.com/6VjaBEXubL 
 — Eleanor Terrett (@EleanorTerrett) March 27, 2024
 </blockquote> 
 
 <h2 id="span-style-font-weight-400-what-are-analysts-saying-about-spot-ethereum-etf-span">What are analysts saying about spot Ethereum ETF?</h2> 
 According to Terrett’s post, McClurg believes that Ethereum “could be a security”, comments that may align with recent reports of an investigation against the Ethereum Foundation. The subpoena against the Swiss-based non-profit has seen the topic of whether ETH is a security resurface. 
 Before recent developments, analysts largely expected an ETH ETF approval in May. 
 While previous commentary, including from a former high-ranking SEC official dubbed Ethereum not a security, it appears it could be a factor in the question of SEC’s approval of a spot Ethereum ETF. 
 McClurg believes the regulatory nod for the highly anticipated ETF will not happen this May. 
 Notably though, the US Commodity Futures Trading Commission (CFTC) views ETH as a commodity and the latest indicator is reference to Ethereum and Litecoin as commodities in its lawsuit against crypto exchange KuCoin. 
 Instead he sees a potential <a rel="dofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> of LTC or XRP spot <a rel="dofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a>s ahead of any for <a rel="dofollow" title="ETH" href="https://thebittimes.com/tag/eth.html">ETH</a> in the US. 
 Analysts, including Bloomberg senior <a rel="dofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a> strategist Eric Balchunas have said chances of a May 2024 nod have reduced following the lack of engagement between the SEC and issuers. 
 Over the past few weeks, the regulator delayed decisions on multiple spot Ethereum <a rel="dofollow" title="ETF" href="https://thebittimes.com/tag/etf.html">ETF</a> proposals, including by BlackRock and Fidelity. 
</div>
Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/valkyrie-co-founder-says-spot-ethereum-etf-approval-unlikely-in-may-tbt83692.html">https://thebittimes.com/valkyrie-co-founder-says-spot-ethereum-etf-approval-unlikely-in-may-tbt83692.html</a>

Valkyrie co-founder says spot Ethereum ETF approval unlikely in May

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