The approval of Ethereum spot ETF is in doubt! Publishers VanEck, CoinShares lose confidence

Since the SEC approved the Bitcoin spot ETF in January, the crypto community’s enthusiasm for the Ethereum ETF has continued to rise, but now not only are Bloomberg analysts’ predictions less likely, Even issuers who have applied for Ethereum ETFs have lost confidence.

VanEck knew the Ethereum ETF would be rejected?

Janvan Eck, CEO of ETF issuer VanEck, attended Paris Blockchain Week. In an exclusive interview with CNBC, he said that VanEck and Ark were the first issuers to apply for Ethereum spot ETFs, but they may also be The first publisher to be rejected.

He said: The legal process is that the regulatory agency will comment on your application. After many weeks of this process before the Bitcoin ETF is approved, now as far as Ethereum is concerned, the critical moment is approaching.

SEC Chairman Gary Gensler has repeatedly pointed out in public that only Bitcoin qualifies as a security, and emphasized that the vast majority of crypto assets are investment contracts and are therefore subject to federal securities laws. This makes the Ethereum ETF The situation becomes more complicated.

There are also rumors that Ethereum is being investigated by the SEC.

Proof of Stake is Even More Difficult

CoinShares CEO Jean-Marie Mognetti also told CNBC that they are closely observing the approval trend of Ethereum.

CoinShares did not compete for the issuance of a Bitcoin ETF until three months before approval last year, and applied successfully at the last minute, but Jean-Marie Mognetti is equally pessimistic about the possibility of an Ethereum spot ETF being approved in the short term. .

He pointed out: CoinShares has not applied for an Ethereum spot ETF, and I don’t think there will be any approval in the second half of the year. Proof of Stake (PoS) may have a hard time getting SEC approval. From a securities law perspective, the SEC did not challenge Bitcoin’s Proof of Work (PoW).

CNBC requested comment from Ark Invest but did not receive a response.

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