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As the May 23 deadline approaches, the Securities and Exchange Commission's reluctance to approve Ethereum spot ETFs is highlighted by opposition from key political figures, complicating the approval process amid growing industry anticipation.
In a recent post on X, Fox reporter Eleanor Terrett revealed that influential anti-cryptocurrency politicians, including Senator Elizabeth Warren, are actively opposed to the passage of ETH spot ETFs. At the same time, SEC staff members have shown little interest in promoting the product.
While industry stakeholders have attempted to rally SEC staff to expedite the process, staff members have not shown as much engagement as they did with Bitcoin spot ETF applications.
SEC Believes It Has Satisfied the Cryptocurrency Industry with Bitcoin ETFs
According to Terrett (via Crypto News), SEC Chair Gary Gensler believes he has already appeased the industry by approving BTC spot ETFs.
Furthermore, influential anti-crypto politicians, such as Senator Warren, who were already dissatisfied with the SEC's approval of BTC ETFs, spoke out against a similar outcome for ETH.
According to a source cited by Terrett, determining the stance of the SEC staff has been difficult, leaving questions about their thought process.
However, the source emphasized that if the ETH spot ETF is to be approved, SEC staff must begin their work as soon as possible, given that the May 23 deadline is less than two months away. Senator Warren criticized the SEC after the agency approved spot Bitcoin ETFs in January.
Gensler Remains Silent About Ethereum ETFs
When asked about the possibility of a decision and the timeline for ETH ETF approval last month, Gensler stated that the process would be similar to Bitcoin (BTC) ETFs.
Nonetheless, he declined to provide any specific details or a possible timeline.
On February 6, the SEC postponed its decision on the Invesco Galaxy Ethereum ETF following a December delay due to Invesco's ETF application.
The SEC has also deferred decisions on other Ethereum ETF applications, including those from well-known companies such as Grayscale, Fidelity, and BlackRock, the world's largest asset management firm.
Notably, other firms, such as VanEck and Hashdex, are also pursuing Ethereum ETF approval, with Franklin Templeton becoming the most recent asset manager to file a spot Ethereum ETF application.
Meanwhile, Hong Kong-based institutions are actively preparing to launch spot ETFs for Ethereum in an effort to gain an advantage over the United States. It's worth noting that demand for spot Bitcoin ETFs in the United States has remained high since their inception.
Last week, the cumulative net inflow of Bitcoin spot ETFs surpassed $2.24 billion, propelling Bitcoin's price to new all-time highs. The total asset under management for Bitcoin ETFs is currently $55.34 billion.
Photo: Kanchanara/Unsplash
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