Bloomberg's senior ETF analyst, Eric Balchunas, recently shed light on the chances of the SEC approving a spot Ethereum ETF, revealing a mere 25% likelihood. Balchunas highlighted the stark contrast in SEC engagement between Ethereum and Bitcoin ETF discussions, noting a lack of positive signals or discourse surrounding Ethereum. According to him, this silence from the SEC appears to be a strategic choice rather than mere delay tactics.
The heart of the matter lies in how Ethereum ought to be categorized. Balchunas pointed to clues suggesting that the SEC might lean towards classifying Ethereum as a security, citing subpoenas issued to crypto firms collaborating with the Ethereum Foundation. These developments underscore the complex regulatory landscape surrounding Ethereum and the uncertainties clouding its path towards ETF approval.