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The US Securities and Exchange Commission (SEC) has had an anti-cryptocurrency approach for a long time. The SEC, which had long resisted approving spot Bitcoin ETFs, only approved spot BTC ETFs after losing the Grayscale case.
Currently, cryptocurrency investors are awaiting the SEC's decision regarding spot Ethereum ETFs on May 23. While investors hope the SEC will approve spot ETH ETFs, there are increasingly negative signals regarding this approval.
Bloomberg ETF analyst Eric Balchunas made the following statements about spot Ethereum ETFs in a recent post on the subject:
"To my knowledge, the staff still has not provided any feedback to issuers regarding spot Ethereum ETFs. The process does not work the same as for spot Bitcoin ETFs. Additionally, there are no court losses as with the BTC ETF. The correlation between futures and spot is that "It's not as strong, so we're not optimistic about spot Ethereum ETFs compared to BTC ETFs."
Based on recent developments, the SEC seems more likely to reject spot Ethereum ETFs.
