In the aftermath of the Ethereum ETF approval, the anticipation has increased. successful The launch of Bitcoin ETFs. The possibility of ETH ETFs will boost ETH’s value and bring in a wider audience of investors.
According to Fox journalist Eleanor Terret’s optimism about the SEC’s acceptance of Ethereum ETFs on May 23, it is slowly fading. diminishing.
Ethereum ETFs Encounter ‘One-Sided’ Interactions
Recent social media postTerret outlined the difficulties faced by custodians and issuers when engaging SEC personnel and revealed factors that could influence the decision-making processes.
Terret expressed her views, noting that conversations she had with insiders in the industry revealed an absence of engagement by SEC staff.
Terret noted that the Bitcoin discussion was not as intense. ETF applicationsThe interactions about Ethereum ETFs were a success because staff members actively took part. “one-sided.” Terret also claimed that:
I have spoken to people who are familiar with recent meetings. They were very one-sided. The issuers, custodians, and SEC staff all tried to work together to move the process forward, but they didn’t really engage in meaningful ways, like with the BTC ETF application.
Terret said that Gary Gensler was the SEC Chairperson who believed BTC spot-ETFs had already been approved to meet industry requirements. Also, prominent anti-crypto legislators like Senator Elizabeth Warren, have voiced their disappointment with the SEC for approving Bitcoin ETFs. They could also influence the decision making process regarding Ethereum ETFs.
SEC staff’s stance remains elusive
Terret’s source claims that understanding SEC staff’s view on Ethereum ETFs is difficult. The SEC has not released any information. uncertainty About their decisions and motives. But the SEC is rushing to get started. work Soon if possible. Terret noted:
Two-thirds of a million people are able to vote. source What is the answer? “Staff has been very hard to gauge on this and we’re not sure if anyone really knows what’s going on in their heads. But they’re going to have to start work soon if it’s going to have a shot.” It’s just under 2 months until May 23rd.
This waning of optimism about Ethereum ETFs is raising questions regarding the future of the crypto market. Although the BTC spot-ETF approval brought renewed excitement, the hesitance around ETH ETFs could signal a less optimistic future for the cryptocurrency market. cautious approach SEC:
As I write this, ETH is at a two-year record high of $4 067, with a 4.5% increase in 24 hours. This trend matches Bitcoin’s current upward movement.
Chart from TradingView.com, image from Shutterstock
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: bitcoinist.com