Calls It A ‘Proof-of-Stake Scam’ Unfit For SEC Approval

The Ethereum (ETH) neighborhood has continued to eagerly await information on approving a spot Ethereum Change-Traded Fund (ETF) slated to happen by Might.

Nevertheless, because the US Securities and Change Fee (SEC) maintains a conspicuous silence on the matter, hypothesis has risen on the likelihood of the approval.

This hypothesis is additional fuelled by the shortage of concrete particulars concerning the approval course of, leaving traders and fans apprehensive and anticipating.

Bitcoin Maxi Weighs In Ethereum Spot ETF Approval

Within the spot Ethereum ETF debate, notable voices from the cryptocurrency house have supplied their views.

Famend Bitcoin maximalist and advisor to the president of El Salvador, Max Keiser, has not too long ago expressed skepticism concerning the SEC’s cautious method to approving an Ethereum ETF.

Keiser, recognized for his staunch advocacy of Bitcoin and skepticism in the direction of different cryptocurrencies, dismissed Ethereum as a “proof-of-stake rip-off,” suggesting it lacks the regulatory backing needed for SEC approval.

The SEC is correct to not approve an Ethereum (ETH) ETF

It’s a proof-of-stake rip-off that fails on all necessities the SEC would search for. https://t.co/nLz8boTGtW

— Max Keiser (@maxkeiser) April 11, 2024

Keiser’s sentiment echoes that of Bloomberg’s Senior ETF Analyst, Eric Balchunas, who additionally not too long ago shared a conservative outlook on the chance of an ETH spot ETF receiving regulatory approval.

Balchunas estimated the chances of approval at a mere 25%, additional fueling uncertainty surrounding the prospect of an Ethereum ETF.

Re Eth ETF approval, we’re holding the road at 25% odds altho tbh it’s a very pessimistic 25%. The dearth of engagement appears to be purposeful vs procrastination. No optimistic indicators/intel anyplace you look. Personally hope they do approve it however it simply ain’t wanting good. https://t.co/nuBdCDE18L

— Eric Balchunas (@EricBalchunas) March 25, 2024

Moreover, VanEck CEO Jan Van Eck expressed anticipation of a potential rejection of their Ethereum ETF software, citing extended regulatory opinions and lack of readability from the SEC.

Spot ETH ETF Features Regulatory Curiosity Abroad

Amidst the uncertainty surrounding the US SEC’s stance on Ethereum ETFs, studies counsel a contrasting regulatory setting in Hong Kong.

In accordance with Bloomberg, Hong Kong regulators could quickly approve exchange-traded funds investing directly in Bitcoin and Ethereum, signaling a possible shift in international regulatory attitudes in the direction of cryptocurrency funding merchandise.

If authorised, these ETFs might supply traders new avenues for publicity to the digital asset market. A number of companies are poised to launch ETFs pending regulatory clearance from the Securities and Futures Fee.

Among the many potential issuers awaiting approval are worldwide arms of Chinese language asset supervisor Harvest Fund Administration Co. and a partnership between Bosera Asset Administration (Worldwide) Co. and HashKey Capital.

Upon receiving regulatory approval, these companies have indicated their intent to launch ETFs investing in BTC and ETH, highlighting the rising demand for cryptocurrency funding merchandise in international markets.

Featured picture from Unsplash, Chart from TradingView