Spot ETH ETFs could head towards legal action, according to JPMorgan
Analysts offer the view that the process will be similar to Bitcoin. So much so that it is thought that the regulatory authority's decision to allow future Ethereum ETFs but prevent spot ETFs could start a new legal process. At the end of this legal process, it is estimated that the losing side will be the SEC, while Bitcoin stands as a precedent.
On the other hand, SEC's warning to Robinhood earlier this week was brought to the agenda of crypto markets. The US regulator has reported that the platform may face an enforcement action for violating securities laws.
SEC increases pressure on cryptocurrencies to be considered securities
RobinHood offers trading over 10 cryptocurrencies other than Bitcoin and Ethereum on its platform. This move by the SEC was interpreted as an effort to strengthen the position to classify assets other than BTC and ETH as securities.
However, according to JPMorgan analysts, the non-approval of spot Ethereum ETFs this month will not be priced as a negative in the markets. Because analysts point out that Grayscale Ethereum Trust is acting at a discount and think that the market has already priced in the view that there will be no approval this month.
Another development on the subject this week was that Grayscale withdrew its application for a futures Ethereum ETF. In a statement to Block, JPMorgan chief analyst Nikolaos Panigirtzoglou interpreted this decision as Grayscale choosing to focus on converting its existing Ethereum trust into a spot Ethereum ETF.
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