According to CryptoPotato, optimism about the U.S. Securities and Exchange Commission (SEC) approving spot Ethereum ETFs by May 23rd is fading. Fox Business correspondent Eleanor Terrett reported that recent meetings between issuers, custodians, and SEC staff have been one-sided, with the latter not engaging in meaningful ways like they did with the Bitcoin spot ETF applications. Terrett added that SEC Chairman Gary Gensler believes he already placated the industry with the approval of the spot Bitcoin ETFs.
Anti-crypto politicians like Elizabeth Warren are reportedly angry at the SEC for approving the Bitcoin ETFs and are rallying against the same thing happening for Ethereum. ETF Store President Nate Geraci commented that the SEC has argued that Ethereum futures are not highly correlated with spot markets, but he believes that the Grayscale court victory would be a compelling reason for approval. Bloomberg ETF analyst Eric Balchunas offered his opinion, stating that Gensler may be in the Warren doghouse for Bitcoin, and the threat of a lawsuit is lower because Grayscale may be less excited to subsidize another blockbuster hit product for BlackRock.
