Inspired by the staggering popularity of Bitcoin ETFs, talks of launching Ethereum-based ETFs gained prominence in January 2024. However, the hopes have now started to wane as the SEC projects a nonchalant stance on giving ETH ETFs a green signal.
Speaking about it in detail via X, Forbes reporter Eleanor Terett shared how optimism surrounding the approval of Ethereum ETFs by May 23rd has started to diminish and wane.
Also Read: SEC to Approve Spot Ethereum ETFs in May: Standard Chartered
SECs Stance on Ethereum ETFs
In a detailed thread via X, Forbes reporter Eleanor Terett expressed that SEC approval for the ETH ETF may not arrive by May 23rd.
Terett further shared how, based on the talks that she’s had with the authority figures in the hierarchy, it is most likely that the Ethereum ETFs may not be approved by May 23rd.
The Forbes journalist later added how the SEC staff is not interacting with the proposal in the same way as they did with the Bitcoin spot ETFs proceedings.
“Based on my conversations with people familiar, meetings in recent weeks have been very one-sided, with issuers and custodians trying to rally SEC staff to get the process rolling, but the staff is not engaging in meaningful ways as they did with the $BTC spot ETF applications.”
Also Read: Execs Agree Spot Ethereum ETFs Face 50% Chance of Approval
Dropping Truth Bombs
Terett took to X to share another crucial element of the conversation. She shared how Gary Gensler, the SEC chief has already “placated the Industry by approving Bitcoin spot ETFs.” Terett also briefly outlined Senator Warren’s cold stance on ETFs and crypto in general.
“I’m told that @GaryGensler believes he already placated the industry with the approval of the BTC spot ETFs. Also, influential anti-crypto politicians like @SenWarren are already angry at the SEC for approving the $BTC ETFs in the first place and are rallying against the same thing happening for $ETH.” She later shared.
She concluded her remarks by adding that one of her sources has claimed that the ETH ETF approval processes have yet to gain credible momentum.
“One source tells me: “Staff has been very hard to gauge on this, and we’re not sure if anyone 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. May 23rd is a little over 2 months away.” Terett concluded.