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The U.S. Securities and Exchange Commission is expected to deny approval for spot Ether ETFs in May, continuing a cautious stance amid unresolved regulatory clarity, according to industry insiders.
SEC Set to Delay Approval of Spot Ether ETFs Amid Ongoing Regulatory Uncertainty
Other evidence shows that the SEC will likely delay the approval of spot Ether ETFs, with Ether ETFs trading in Hong Kong beginning April 30.
According to a fresh rumor, the US Securities and Exchange Commission (SEC) will most likely deny spot Ethereum (ETH) exchange-traded funds (ETFs) in May.
Reuters reported on April 24 that U.S. issuers and other firms expect the SEC to reject spot Ether ETF applications next month following discussions with the regulator in recent weeks, citing four sources.
The four people, who requested anonymity owing to the sensitive nature of the conversations, stated that recent meetings between issuers and the SEC have been one-sided, and agency personnel have not shared meaningful specifics about the proposed products.
According to the sources, the fruitless talks about Ether ETFs were similar to thorough discussions between issuers and the regulator in January, weeks before spot Bitcoin ETFs were approved.
Before the historic clearance, the SEC rejected spot BTC ETF submissions for over a decade. It finally modified its stance after Grayscale Investments won a court case against the securities regulator in August 2023.
Many analysts believe that the SEC will further postpone the approval of Ether ETFs.
"It seems more likely that approval will be delayed until later in 2024, or longer," VettaFi ETF data analyst Todd Rosenbluth reportedly remarked, adding that the regulatory situation is still too "cloudy."
U.S. SEC Likely to Postpone Ether ETF Approval, While Hong Kong Advances with Cryptocurrency ETFs
Bloomberg ETF analyst Eric Balchunas estimated the SEC's prospects of approving a spot Ether ETF in May at roughly 35% in March. He also stated that he had obtained "good intel," indicating that the SEC may intentionally withhold information from prospective fund issuers.
Balchunas also said that SEC Chair Gary Gensler's position on Ether could influence the selection process, as Gensler has failed to clarify whether Ether is a security.
While the United States appears to be facing another delay, some worldwide governments have prepared to begin trading ETFs.
On April 24, the Hong Kong Securities and Futures Commission (SFC) approved the first batch of spot Bitcoin and Ether ETFs, which included three BTC and three ETH ETFs from China Asset Management, Harvest Global Investments, and Bosera.
Following clearance, Hong Kong's cryptocurrency ETFs are anticipated to begin trading on April 30.
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