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Monday, April 29, 2024

Justin Sun projects that the SEC will reject the Ethereum ETF in May, emphasizing the importance of cryptocurrency education

Sun predicts SEC

Justin Sun projects that the SEC will reject the Ethereum ETF in May, emphasizing the importance of cryptocurrency education

The founder of the Tron blockchain, Justin Sun, claims that an Ethereum exchange-traded fund (ETF) will not be approved in May by the US Securities and Exchange Commission (SEC).

Sun stated in a post on X (formerly Twitter) on April 28 that the cryptocurrency industry still needs to get ready for a lengthy regulatory education process, particularly in terms of assisting regulators in comprehending the workings of the developing sector.

Sun's position is in line with many market analysts' expectations that the SEC will reject the Ethereum ETF applications that are currently pending.

For example, Eric Balchunas, an ETF analyst at Bloomberg, estimated that there is a 25% possibility that the SEC will approve a spot Ethereum ETF in May. He ascribed this pessimism to the SEC's less involved application process compared to the time of the Bitcoin ETF.

Furthermore, there have been new rumors that the Gary Gensler-led organization has started to pursue the classification of ETH as a security, which is what sparked Consensys' action against the Commission.

Furthermore, input from recent SEC meetings suggests a gloomy prognosis, with approval prospects looking poor.

According to Polymarket data, these findings have reduced the chance of an Ethereum ETF approval to 11%, which is the lowest level this year.

Even still, there is cause for optimism because ETF issuers like Grayscale and BlackRock are still updating their applications in spite of the silence and the likelihood of rejection.

Notably, despite the SEC delaying its decision on the ETF application until April 23, asset management company Franklin Templeton's spot Ethereum ETF was listed on the Depository Trust and Clearing Corporation (DTCC) website.

The Chief Legal Officer of Grayscale, Craig Salm, stated that the US SEC's lack of interaction with applicants for spot Ethereum ETFs wouldn't be a deciding factor impeding the prospects of such products.

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