Ethereum

Bitcoin

when

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 <p class="paragraph">For years, the crypto community has been gripped by the question of when the Securities and Exchange Commission (SEC) will approve a spot Bitcoin (BTC) exchange-traded fund (ETF) and – among the more inclined toward cynicism – what reason they will find to reject the applications.</p>
 <p class="paragraph">January 2024, however, brought a significant advancement – though it has been driven by a precedent-setting decision of the Court of Appeals – and saw the approval of 9 spot BTC ETFs opening the next stage in institutional adoption and legal recognition: the matter of similar fund for the world’s second-biggest cryptocurrency, Ethereum (ETH).</p>
 <p class="paragraph">Indeed, multiple major issuers have filed their applications with the SEC, but most recent reports based on a meeting with the regulator indicate that it is generally expected no ETH ETFs will be approved in May.</p>
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 <h2 class="wp-block-heading" id="h-no-eth-etf-in-may-as-sec-continues-pattern-of-postponements">No ETH ETF in May as SEC continues pattern of postponements</h2>
 <p class="paragraph">Though neither final nor guaranteed – the SEC is expected to reach a decision on VanEck’s application on May 23 and on ARK Investment Management’s one day later – the predicted rejections fall in line with an earlier consensus.</p>
 <p class="paragraph">Indeed, several weeks ago, on April 9, Jan van Eck, the CEO of VanEck, joined other issuers in expressing a belief that the SEC would reject the proposed Ethereum ETFs.&nbsp;</p>
 <p class="paragraph">Still, the companies have stated their intent to file additional disclosure paperwork with the hopes of keeping the discussions lively.</p>
 <p class="paragraph">For its part, the SEC has continued with a pattern – previously observed with pending BTC ETFs – of continuous postponements.&nbsp;</p>
 <p class="paragraph">As recently as April 23, the regulator announced that it is moving the decision date for Franklin Templeton’s application to June 11 and Grayscale’s to June 23.</p>
 <p class="paragraph">In fact, the decision on VanEck’s spot Ethereum ETF application – the next one on the chopping block – has itself been postponed until late in March, with the new date set for May 23.</p>
 <h2 class="wp-block-heading" id="h-sec-in-hot-water-over-crypto-regulation">SEC in hot water over crypto regulation</h2>
 <p class="paragraph">At the same time, a Utah judge has seemingly agreed with a common criticism levied against the SEC by the crypto community – that the watchdog is overly heavy-handed, unfair, and prone to misrepresenting the industry.</p>
 <p class="paragraph">In fact, in a March ruling, Judge Robert Shelby decided to sanction the Commission over its handling of a case against DEBT Box – a case marred by a lack of evidence, misrepresentation and false statements.&nbsp;</p>
 <p class="paragraph">The decision prompted two agency lawyers – Michael Welsh and Joseph Watkins – to resign after allegedly getting warned that they would be fired otherwise.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/sec-to-deny-ethereum-etfs-next-month-here-s-why-tbt86553.html">https://thebittimes.com/sec-to-deny-ethereum-etfs-next-month-here-s-why-tbt86553.html</a></p>

SEC to deny Ethereum ETFs next month; Here’s why

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TheBitTimes

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