Several spot Ethereum EFT applications are waiting to be approved by the United Securities and Exchange Commission (SEC), but Senior Bloomberg Analyst Eric Balchunas does not think it will happen soon.

Spot Ethereum ETF Might Come Within The Year

Grayscale Investment recently withdrew its application for Ethereum Futures ETF, claiming that it has several futures products already available in the market today. The firm’s CEO Michael Sonnenshein stated that Grayscale will continue to focus on converting its Ethereum Trust (ETHE) into a spot Ethereum ETF.

While speaking at an event hosted by the Financial Times on Wednesday, Sonnenshein further explained why the company decided to take a break from the Ethereum ETF race. Balchunas’ post was in response to a statement from  Sonnenshein, who seemed very positive about getting approval from the securities regulator on its application.

“Grayscale Ethereum Trust is already an SEC reporting company. We file 10-Ks and 10-Qs [disclosures to the SEC], and we’ve always been a business that pushes our regulators to allow crypto to be brought further and further into the regulatory perimeter,” Sonneshein stated, further expressing confidence in approval.

The Bloomberg Analyst expressed pessimism regarding the chances of a spot Ethereum ETF this year. However, he believed the approval may come about a year later.

Uh, disagree. We are as pessimistic as ever. I mean at some point it could happen, but not within a year IMO. What they say in denial and the Nov election are big variables that could fine tune the outlook tho. Btw he also said they withdrew the ’33 Act Ether Futures ETF bc they… https://t.co/IpPzgGbgoz

— Eric Balchunas (@EricBalchunas) May 9, 2024

This is a developing story, please check back for updates

 

The post Spot Ethereum ETF: Bloomberg Analyst Projects New Approval Timeline appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am