In November last year, BlackRock and Fidelity submitted Ethereum spot ETF applications to the SEC, and then financial institutions such as Hashdex, ARk 21Shares, and VanEck also submitted similar applications. Currently, 8 institutions have submitted applications for Ethereum spot ETF.
However, the SEC has postponed its decision many times in recent months. The most recent delay was on the 4th on the applications of BlackRock and Fidelity.
8 Ethereum spot ETF related application timetable
##5 /23 Difficult to pass?
It is widely expected that May 23rd will be an important date for whether the Ethereum spot ETF can pass, because this is the final approval deadline for VanEck’s application; however, Fox Business reporter Eleanor Terrett today A tweet broke the news that optimism about the SEC’s approval of an Ethereum spot ETF before May 23 is waning: According to my conversations with people familiar with the matter, meetings in recent weeks have been very one-sided, with issuers and custodians trying to encourage the SEC to work staff to facilitate the process, but the staff did not act in a truly meaningful way as they did when processing the Bitcoin Spot ETF application.
In response to this situation, Eleanor Terrett said that she heard that SEC Chairman Gary Gensler believed that he had appeased the entire industry by approving a Bitcoin spot ETF. In addition, Senator Elizabeth Warren Influential anti-cryptocurrency politicians are already angry about the SEC’s approval of a Bitcoin spot ETF and are joining forces to oppose the approval of an Ethereum spot ETF.
Eleanor Terrett pointed out that a person familiar with the matter told her that evaluating SEC staff is difficult because it is impossible to determine what they really think, but in order to be successful, it must start early.
Bloomberg analysts also raised warnings
Bloomberg ETF senior analyst Eric Balchunas predicted in January that Ethereum The probability of spot ETF being approved in May is about 60%, but he also issued a warning on the 10th, saying that although the SEC met with Coinbase on the 6th regarding the transformation of the Grayscale Ethereum Trust Fund into a spot ETF, the spot ETF5 May approval may not be optimistic: Normally I would say this is a good sign, but as far as I know, SEC staff has not given any comment to the issuer, which is not a good sign because in the past the SEC has not responded to Bitcoin ETFs. Request a review. In addition, there is no case where the Ethereum ETF is rejected and loses the lawsuit. The correlation between Ethereum spot and futures is not as strong as the Bitcoin ETF. Compared with the Bitcoin ETF, the final situation may not be optimistic.
Previously, when Gary Gensler was interviewed on the 8th, he avoided the question about whether the SEC might approve an Ethereum spot ETF. He also emphasized in February that Bitcoin would be approved in January. The decision on spot ETFs does not represent the SEC’s recognition of digital assets, nor does it necessarily mean that they will deal with Ethereum in the same way as Bitcoin in the future.
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