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Analysts James Seyffart and Eric Balchunas have increased the likelihood of the SEC approving a spot Ether ETF from 25% to 75%, citing new speculation about the regulator's stance.
ETF Analysts Increase SEC Spot Ether ETF Approval Odds from 25% to 75% Amid Speculation
According to Cointelegraph, two exchange-traded fund analysts are reevaluating the possibility of the United States Securities and Exchange Commission (SEC) approving a spot Ether (ETH) exchange-traded fund. This reconsideration comes in light of recent 'chatter' about the regulatory body, adding a layer of uncertainty to the situation.
Bloomberg ETF analysts James Seyffart and Eric Balchunas claimed in May 20 X postings that the SEC may be "doing a 180" on their predicted denial of spot Ether exchange-traded funds this week. Filings from the regulator, public pronouncements from SEC Chair Gary Gensler, and reports of investigations all suggested that the commission was poised to dismiss spot Ether ETF applications.
However, according to Seyffart and Balchunas, the two experts raised their spot Ether ETF approval prognoses from 25% to 75%. Seyffart suggested that the investment vehicle was becoming an "increasingly political issue."
"Never gonna hear the end of this from the [Ether] people in my replies if this turns out to be true," said Seyffart. "But it's what we're hearing from multiple sources. Should see a bunch of filings over coming days if we're correct."
SEC Decision on VanEck's Spot Ether ETF Looms Amid Regulatory Delays and Industry Uncertainty
The SEC is facing a crucial decision on whether to accept or deny VanEck's spot Ether ETF by May 23. This decision comes after a series of delays, with VanEck's application being the first in a queue of spot Ether ETFs under consideration. Other major players like ARK 21Shares, Hashdex, Invesco Galaxy, BlackRock, and Fidelity are also awaiting a decision from the SEC.
In an April 9 interview, VanEck CEO Jan van Eck expressed concern that the SEC would approve his company's ETF application in May. On May 7, asset management Grayscale withdrew its application for an Ether futures ETF, and Michael Sonnenshein announced his resignation as CEO on May 20.
In the previous two weeks, U.S. lawmakers in the House and Senate voted to reject an SEC regulation governing how the regulator treats banks working with asset-holding businesses. At the time of publication, it was unclear whether President Joe Biden intended to reject the congressional resolution or sign it into law.
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