Ethereum

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Bitcoin

Jan Van Eck, the CEO of VanEck, is unsure about the Ethereum ETF approval by the United States Securities and Exchange Commission (SEC).&nbsp;&nbsp;&nbsp;
After the approval of Bitcoin ETFs, the crypto world is eagerly awaiting Ethereum ETF’s approval, which is scheduled for May 23 and May 24. VanEck, alongside Cathie Wood’s ARK Invest, was the early bird to file for the ETF and is currently waiting for the final decision. Inactiveness of the SEC regarding the roster of pending Ether ETFs indicating disapproval.
<h2 class="wp-block-heading" id="strong-what-s-going-on-in-jan-van-eck-s-mind-strong">What‘s Going On In Jan Van Eck’s Mind?</h2>
In an interview with <a href="https://www.thecoinrepublic.com/2023/02/03/bearish-sign-for-bitcoin-cnbcs-jim-cramer-says-buy-the-dip/" target="_blank" rel="noopener noreferrer nofollow">CNBC</a> on April 9, Van Eck expressed his viewpoints on the upcoming spot Ethereum ETF, scheduled for May 23 and 24.&nbsp;
According to him, the ETF application will probably be rejected by the SEC.&nbsp;&nbsp;&nbsp;
VanEck, ARK Invest, and Hashdex are the first three firms that applied for the Ethereum ETF. Other players that are awaiting approval include Grayscale, Invesco Galaxy, iShares, and Fidelity.
Lack of feedback and communication from the SEC’s side are emerging as major reasons behind the same.&nbsp;&nbsp;
According to Van Eck, the regulatory process the SEC has been taking with the Ethereum ETF is different in contrast with the approval of spot Bitcoin ETFs. The SEC showcased activeness as well as high-level engagement with the issuers during the Bitcoin ETF approval process by providing feedback and sharing information with the public.
When it comes to Ethereum ETF, a lack of feedback &amp; engagement has been one of the main criticisms for the regulator.
Jean-Marie Mognetti, CoinShares’s CEO also feels the same, told CNBC, “I don’t see anything being approved this side of the year.”
In addition to this, several other commentators including Senior Bloomberg ETF analyst Eric Balchunas also experienced the ongoing “radio silence” between fund issuers and regulators as a major reason for the rejection of May ETF approval.&nbsp;
Furthermore, Balchunas once predicted a 70% chance of ETF approval changed the statement, and revised his odds to 35%. Balchunas took to the X to share the same.&nbsp;&nbsp;
<blockquote class="twitter-tweet">
 Nice scoop from <a href="https://twitter.com/joelight?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@joelight</a>. Def interesting but no change our odds. As we've said, need SEC to give comments on the filing documents (the "critical feedback" he mentions) and that still ain't happening, even in person they offering nothing. Silence is violence. <a href="https://t.co/z76KTtdmHU" rel="noopener noreferrer nofollow">https://t.co/z76KTtdmHU</a>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1777403216696660395?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 8, 2024</a>
</blockquote> &nbsp;&nbsp;&nbsp;&nbsp; 
Moreover, James Seyffart, ETF analyst supported the statement and questioned the commission’s inactivity. “The absence of comments or communication from the SEC is concerning”, said Seyffart. A roster of seven pending applications for spot Ether ETFs strengthens the statements.
<h3 class="wp-block-heading" id="strong-ethereum-and-etf-strong">Ethereum And ETF</h3>
Spot Ethereum ETF tracks the actual value of the asset by holding the actual cryptocurrency in reserves, offering investors exposure to the asset without actually buying the asset.&nbsp;
Ethereum (ETH), the biggest rival of Bitcoin is trading at $3,519.06 after a drop of 2.89% in 24 hours and has a market cap of $422,630,894,132. The 24-hour volume is $15,894,498,762.&nbsp;
The total supply of ETH is 120,070,188 ETH and a circulating supply of 120,070,188 ETH.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Ethereum ETF May Face Rejection By The SEC; Says Jan Van Eck

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