Key Points
- VanEck CEO expressed his disbelief in the approval of Ethereum ETF by the SEC in a new interview.
- SEC has a late May deadline to conclude its review on an ETH ETF.
Jan van Eck, Chief Executive Officer of VanEck, has recently expressed his lack of optimism regarding the approval of a potential Ethereum ETF by the US Securities and Exchange Commission.
The US SEC reportedly has a late May deadline to conclude its review regarding an ETH ETF. This comes right after the SEC delayed its original deadline for a decision in March, according to CNBC.
Various important companies, including BlackRock, Fidelity, and VanEck, which have already missed spot Bitcoin ETFs this year, have been waiting for a response regarding the approval of an Ethereum product.
VanEck CEO told CNBC’s Arjun Kharpal at the Paris Blockchain Week crypto event in France that they were the first to file for an Ethereum ETF in the US and, together with Ark Invest‘s CEO Cathie Wood, they are the first in line for May.
He also expressed his lack of optimism regarding the approval of an ETH ETF by the SEC, saying that it will probably be rejected.
He highlighted that the way the legal process goes is that regulators offer comments on a specific application and, for instance, this has happened for weeks and weeks before the BTC ETFs were eventually approved.
In the case of ETH ETFs, “pins are drooping as far as ethereum is concerned.”
Ethereum ETF-related enthusiasm surges in the crypto community
The enthusiasm regarding the potential approval of an Ethereum ETF has been on the rise in the crypto community, especially following the huge success that Bitcoin ETFs have been seeing since they got the green light from the SEC at the beginning of 2024.
You may recall that Larry Fink, BlackRock’s CEO, recently said that their BTC ETF is the fastest-growing one in history.
ETH’s price has also been seeing a surge, and the potential reasons include the hype triggered by the upcoming Bitcoin halving but also the hopes that the ETH ETFs will be seeing approval from the SEC soon.
At the moment of writing this article, ETH is trading in the green, and the coin is priced above $3,500. ETH is up by more than 7% in the past seven days on CoinMarketCap.
