Bloomberg analyst: Ethereum ETF approval unlikely

Summary of Bitcoin, Web3, Ethereum, and Cryptocurrency:

  • Bloomberg analysts Eric Balchunas and James Seyffart suggest that the SEC is unlikely to approve spot Ethereum ETFs due to their view on Ether as a security.
  • The SEC has extended the review period for applications from Invesco, Galaxy, Franklin Templeton, and BlackRock to launch Ethereum-based spot ETFs.

SEC’s View on Spot Ethereum ETFs:

Bloomberg senior ETF analyst Eric Balchunas highlighted the SEC’s stance that Ethereum (ETH) is considered a security, indicating minimal chances of approval for a spot Ethereum ETF.

Increased Uncertainty Surrounding Ethereum ETFs:

Analyst James Seyffart also believes that the SEC’s recent classification of Ethereum as a security raises the likelihood of the regulator denying Ethereum ETFs, leading to heightened uncertainty in the market.

Extended Review Period for Ethereum ETF Applications:

The SEC has postponed decisions on multiple Ethereum-based spot ETF applications, including those from Invesco, Galaxy, Franklin Templeton, and BlackRock, with deadlines set for the coming weeks.

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