ETF Research Analyst at Bloomberg, James Seyffart, expressed his continued pessimism regarding the Securities and Exchange Commission's (SEC) approval of an Ethereum ETF. Because the SEC has been quiet about the ETF approval for a long time, Seyffart is still pessimistic about it.
The analyst was tagged in several posts, to which he responded with the most recent X post. These postings discussed the recent action the SEC took, which featured a notice about the proposal to list an exchange-traded trust based on ether by Cboe BZX Exchange.
The exchange submitted a rule amendment to list and trade shares of the Fidelity Ethereum Fund to the SEC in November 2023.
Seyffart, who is still pessimistic about the Ethereum ETF's debut, stated that the regulator's most recent action doesn't necessarily mean anything significant. He mentioned,
"This tweet and several others on the 19b-4 docs submitted for the Ethereum ETFs today tag me. I see no indication that anything has changed in the filings. Here, the SEC's silence isn't beneficial."
According to a new disclosure by Seyffart, the SEC is most likely to reject the ETF applications before May 2024, which was previously thought to be the month that the ETF would be approved.
Even while Seyffart had also earlier expressed optimism about the SEC's proactive stance, he recently disclosed in a post that his optimism had diminished.
Similarly, leading ETF analytics expert Eric Balchunas expressed his opinion regarding the waning support for the SEC's approval of Ethereum ETFs. The chances of the SEC approving the Spot Ethereum ETF, he said, have dropped to 35 percent.
April 2024, Cryptoniteuae