9 months ago
A JPMorgan enforcement suggested connected Jan. 12 that securities regulators are arsenic apt to o.k. oregon disapprove a spot Ethereum ETF successful the coming months.
Nikolaos Panigirtzoglou, a Managing Director for JPMorgan, told The Block:
“In our opinion, for the [U.S. Securities and Exchange Commission] to o.k. spot Ethereum ETFs successful May, it would request to classify Ethereum arsenic a commodity (similar to bitcoin) alternatively than a information … This is acold from given, and I wouldn’t enactment much than a 50% accidental to the SEC classifying Ethereum arsenic a commodity earlier May.”
He added that the SEC is “still signaling that it continues to presumption each different cryptocurrencies extracurricular bitcoin arsenic securities.”
Panigirtzoglou’s comments allude to a statement from SEC seat Gary Gensler regarding spot Bitcoin exchange-traded merchandise (ETP) approvals connected Jan. 11.
There, Gensler said that the latest approvals interest lone ETPs holding Bitcoin (BTC) and identified Bitcoin arsenic a non-security commodity. Gensler added that the approvals should not awesome the SEC’s views connected the securities presumption of different crypto assets; helium besides asserted that the “vast bulk of crypto assets are concern contracts” and truthful nether national securities laws.
Other sources foretell up to 70% support odds
Despite Panigirtzoglou’s debased support estimate, immoderate sources spot higher likelihood connected an upcoming spot Ethereum ETF approval. Bloomberg ETF expert Eric Balchunas has predicted a 70% accidental of specified an support by May.
One prediction marketplace connected Polymarket suggests that determination is simply a 57% accidental of an Ethereum ETF support by May 31. Those likelihood are based connected implicit $15,000 worthy of cryptocurrency bets alternatively than immoderate individual’s idiosyncratic stance.
Predictions mostly absorption connected May due to the fact that the SEC indispensable determine connected a spot Ethereum ETF exertion from VanEck by May 23. Other applicants including BlackRock, Fidelity, VanEck, ARK Invest, and Invesco Galaxy person besides filed for spot Ethereum ETFs, but with aboriginal determination deadlines.
The SEC approved a fig of ETFs that included Ethereum futures successful October 2023 but has not yet approved a spot Ethereum ETF.
The station JPMorgan expert predicts 50% accidental of spot Ethereum ETF successful May appeared archetypal connected CryptoSlate.
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