Top analyst believes that SEC's refusal to approve Ethereum ETF could trigger another lawsuit
that the general consensus is that the U.S. Securities and Exchange Commission is not going to approve spot Ethereum exchange-traded funds this May.Earlier this month, Barron's reported that discussions about spot ETFs have been"very one-sided." This is very different from the constant"back-and-forth" that was observed on the cusp of the approval of multiple Bitcoin ETFs.
Eric Balchunas, Bloomberg's senior ETF analyst, succinctly summarized that"silence is violence" when it comes to the SEC's interactions with potential issuers.Back in August, Grayscale managed to score a legal victory against the SEC, with the U.S. District of Columbia Court of Appeals ruling that the regulator was wrong to shoot down its Bitcoin ETF application.
Geraci now believes that Grayscale could bring another lawsuit against the SEC over its reluctance to approve Ethereum ETFs: "Have to assume Grayscale, but some other enterprising ETF issuer w/ deep enough pockets could view this as a basic marketing expense…Basically brand themself as “pro-crypto” & willing to go to bat for innovation," he said.Some have questioned the significance of spot Ethereum ETFs given that futures-based ETFs that track the value of the largest altcoin have attracted little attention.
However, given the stunning success of Bitcoin ETFs, Geraci believes that Ethereum ETFs are still a big deal.Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.
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