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SEC to decide on Ethereum ETFs in May
Get exclusive insights into the SEC's possible approval of an Ethereum spot ETF in May 2024. JPMorgan analyst bullish, but not everyone shares the confidence. #Ethereum #ETF #SEC #Cryptocurrency
SEC to decide on Ethereum ETFs in May
The US Securities and Exchange Commission (SEC) approved Bitcoin spot ETFs on January 10, 2024, resulting in a significant drop in demand. Nevertheless, it should be noted that the approval of ETFs was one of the main reasons for the strong rise in Bitcoin. While Bitcoin hit a new record high, Ether, the second largest cryptocurrency, was unable to keep up and lagged behind Bitcoin in terms of performance.
There is speculation whether the SEC will also approve Ethereum ETFs after approving Bitcoin spot ETFs. Several applications for Ethereum ETFs have been submitted to the SEC and a decision on these applications is expected in May. Financial services providers such as Bitwise, Grayscale, VanEck and more have filed documents, while BlackRock has increased its activity related to an Ethereum ETF.
JPMorgan analyst Nikolaos Panigirtzoglou is bullish on Ethereum ETF approval and considers potential litigation if approval is not granted in May. Panigirtzoglou suspects that the SEC will ultimately approve Ethereum spot ETFs if there is a legal battle. He argues that concerns about Ethereum centralization are diminishing and the likelihood of Ether being classified as a security by the SEC is reduced.
Although Panigirtzoglou is optimistic, not all analysts share his assessment. Some, like Bloomberg's top ETF analyst, are lowering the odds of an Ethereum ETF approval to 25 percent in May. Other analysts also see difficulties in approving Ethereum spot ETFs in the US, arguing that the SEC could be hesitant to approve the ETFs. VanEck CEO Jan van Eck even assumes rejection.
Overall, it remains to be seen whether the SEC will approve the approval of Ethereum ETFs in May and how this will impact the cryptocurrency market. The dynamics and developments regarding cryptocurrency ETFs are of great interest to investors and analysts and could have a significant impact on the market in the future.