The U.S. Securities and Exchange Commission's (SEC) lack of communication with ETF proponents has raised doubts about the approval of ethereum ETFs in the U.S., leading to growing skepticism in the industry.
In an interview with CNBC, VanEck CEO Jan Van Eck expressed concern about the likelihood of approval, especially in May, due to the lack of feedback from the SEC.
Bloomberg senior #ETF analyst Eric Bartunas also downgraded the probability of approval to 35%, citing the SEC's silence on the issue as the reason for his pessimism.
This lack of engagement and feedback is especially troubling given that many applications for Ether ETF seats have stalled without ever resuming.
In addition to VanEck's application, seven other proposals are awaiting a response from the SEC with no sign of progress.
CoinShares CEO Jean-Marie Mognetti agreed, suggesting that approval is unlikely to come anytime soon.
Such stagnation contrasts with the success of the #BTC ETF, which received SEC approval and showed that bitcoin is becoming an increasingly recognized investment.
Despite the problems faced by the #BTC ETF, the #cryptocurrency market continues to expand.
Analysts such as James Seyfarth are concerned about the SEC's lack of involvement and see this silence as a negative sign for the approval process.
Nevertheless, the overall growth of the cryptocurrency market shows that opportunities for investment and diversification in digital assets still exist.
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