Ethereum ETF Hopes Dwindle: SEC’s May 23 Verdict Casts Shadow

The excitement surrounding the endorsement of Ethereum ETF has heightened following the prosperous introduction of Bitcoin (BTC) spot ETFs. The prospective approval of ETH ETFs carries the potential to propel the cryptocurrency’s value to unprecedented levels and allure a more extensive spectrum of investors.

Nonetheless, optimism about the SEC’s endorsement of Ethereum ETFs by May 23rd is slowly waning, as reported by Fox Journalist Eleanor Terret.

In a recent post on social media, Terret shed light on the obstacles encountered by issuers and custodians when interacting with SEC staff. Additionally, Terret disclosed potential factors that may impact the decision-making process in this context.

Terret conveyed her observations, pointing out that recent discussions with professionals within the industry unveiled a noticeable absence of substantial involvement from SEC personnel. Terret said the staff didn’t join Bitcoin debates, only Ethereum talks happened.

Uncertainty Surrounds Ethereum ETF Approval

However, Senator Elizabeth Warren opposes Bitcoin ETFs, affecting Ethereum ETF decisions. Other politicians share views. Terret’s information suggests that grasping the SEC staff’s position on Ethereum ETFs has been difficult. The motivations and decision-making process of the SEC staff remain uncertain. Nevertheless, with time ticking away, industry participants are eagerly anticipating the commencement of SEC staff’s work in the hopes of potential approval.

The diminishing confidence in the approval of Ethereum ETFs sparks uncertainty about the future of the cryptocurrency market. Despite the boost in enthusiasm following the approval of BTC spot ETFs, the reluctance surrounding ETH ETFs suggests a more cautious stance from the SEC.

As of the latest update, ETH has reached a fresh two-year peak, hitting $4,067 and showcasing a significant 4.5% increase over the last 24 hours, aligning with the recent upward movement observed in Bitcoin. As of the current moment, Bitcoin is valued at $45,300, and the market is anxiously anticipating the potential influence that the approval of all Bitcoin ETF applications may have on the cryptocurrency’s value.

Related Reading | Bitcoin And Ethereum ETNs Get Nod From London Stock Exchange

Furthermore, the author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.

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