Various people have different opinions on Ethereum spot ETF approval: Fox Business reporter
Eleanor Terrett indirectly said that the chances of Ethereum spot ETF approval is 50% which means there is huge uncertainty because of conflict of interest among people.
As we know, two weeks ago, the United States Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETF applications. The current trade volume of the Bitcoin spot ETF market is nearly double the Silver ETF market.
Before the approval of Bitcoin spot ETF applications, some top fund managers submitted their Ethereum spot ETF product applications with the SEC.
On 23 Jan 2024, Fox reporter Eleanor Terrett shared her opinion on Ethereum spot ETF approval possibilities and said that there are mixed opinions among people.
Eleanor noted that Bitcoin spot ETF issuers are confident with their Ethereum spot ETF application and they’re optimistic because they think the SEC will approve their applications, as they smoothly approved Bitcoin spot ETF applications.
According to Eleanor, an SEC insider told her that there is almost no chance for the approval of Ethereum spot ETF products for now because there’s currently “some internal resistance” to the idea.
Eleanor also explained that the SEC chairman Gary Gensler believes Ethereum is a Security token, which is contrary to CFTC’s opinion, as the CFTC agency believes Ethereum is a commodity.
Alongside the conflict of opinion between the CFTC & SEC, there is also the Ripple vs SEC suit in which the court labelled XRP as a non-security token. In short, there is a very big conflict of interest and it will take a huge time to decide on Ethereum spot ETF applications approval/rejection.
The Fox reporter also dragged attention toward a statement of the SEC Commissioner Hester Pierce. She said in an interview with Coinage Media that the agency will not repeat its mistake for ETH spot ETF applications. In short, Hester believes the SEC agency will approve Ethereum spot ETF products easily & it will not take years to reach the decision.
Eleanor also shared her own opinion on this matter and said that we can get some actual answers of approval or rejection after a few months if the SEC agency shows interest & engagement in depth on the S-1 filings.
Reporting on the timeline for a potential $ETH ETF approval has turned up a plethora of different takes from ETF issuers, investment management firms and sources close to the @SECGov.
— Eleanor Terrett (@EleanorTerrett) January 23, 2024
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