Ethereum

BitTorrent

Tron founder Justin Sun has voiced his doubts about the likelihood of a spot Ethereum exchange-traded fund (ETF) being approved in the upcoming month. 
The crypto mogul’s latest prediction echoes a similar opinion from multiple analysts, who also expect the Securities and Exchange Commission (SEC) to reject applications for spot Ether ETFs from multiple issuers. 
In an April 28 <a href="https://twitter.com/justinsuntron/status/1784609758076703224" target="_blank" rel="">X post</a>, Sun weighed in on the subject, adding: 
<blockquote class="wp-block-quote"> 
 “The crypto industry still needs to prepare for a long-term education with regulators, focusing on helping them understand crypto. But we’ve always been here, haven’t we?” 
</blockquote> 
According to a Reuters report, U.S. financial firms do not expect spot Ethereum ETF approval to happen in May, <a href="https://crypto.news/spot-ethereum-etfs-reportedly-facing-potential-sec-denial/" rel="">citing discouraging meetings with the watchdog </a>in recent weeks. 
So far, <a href="https://crypto.news/sec-postpones-decision-on-blackrock-and-fidelitys-ethereum-spot-etf/" rel="">Blackrock</a>, VanEck, ARK Investment Management, and six other issuers have filed with the SEC to list spot Ethereum ETFs. The SEC is required to make decisions on <a href="https://crypto.news/sec-delays-decision-on-vaneck-ethereum-etf/" rel="">VanEck’s</a> and ARK’s files, which are first in line, by May 23 and May 24, respectively, according to the report. 
 You might also like: <a href="https://crypto.news/franklin-templeton-ethereum-etf-dtcc-vies-sec-approval/" rel=""> Franklin Templeton’s Ethereum ETF hits DTCC, hopes for SEC approval </a> 
However, the prospects for these spot Ethereum ETFs being approved by the SEC appear to differ from those for spot Bitcoin ETFs, which were approved in January. 
In March, Bloomberg ETF analyst Eric Balchunas assessed the likelihood of a spot Ether ETF being approved in May <a href="http://However, the prospects for these Ethereum-based ETFs gaining approval from the SEC appear to be different from those for spot Bitcoin ETFs, which received the green light in January. In March, Bloomberg ETF analyst Eric Balchunas assessed the likelihood of a spot Ether ETF being approved in May at about 35%. He pointed out the SEC’s less proactive approach compared to the Bitcoin ETF applications. Balchunas also mentioned that the SEC Chair Gary Gensler’s views on Ether and his reluctance to define it explicitly as a security could influence the final outcome." target="_blank" rel="">at about 35%</a>. He pointed out that the SEC’s approach was less proactive than that for the Bitcoin ETF applications. 
Meanwhile, Sun is no stranger to dealing with the Securities and Exchange Commission. The SEC recently <a href="https://crypto.news/sec-sues-tron-founder-justin-sun-his-three-companies-celebrities-for-securities-violations/" rel="">sued Sun</a> on claims of fraud, market manipulation, and airdropping unregistered securities. 
According to the SEC lawsuit, Sun and the aforementioned crypto businesses violated federal securities laws by offering and selling unregistered securities such as Tronix (TRX) and BitTorrent (BTT). 
In updated court filings, the SEC <a href="https://crypto.news/us-sec-hints-at-reason-to-pursue-justin-sun/" rel="">claims </a>that the Tron founder “travelled extensively” to the U.S. throughout “his work on behalf of the Tron Foundation, the BitTorrent Foundation, and/or Rainberry.” 
Sun holds approximately $1 billion in assets in multiple wallets linked to him, with the $280 million USDD algorithmic stablecoin being his largest holding, according to Arkham’s <a href="https://platform.arkhamintelligence.com/explorer/entity/justin-sun" target="_blank" rel="">data</a>. 
 Read more: <a href="https://crypto.news/justin-sun-and-crypto-twitter-react-to-secs-recent-crusade/" rel=""> Justin Sun and crypto Twitter react to SEC’s recent crusade </a>

Ethereum spot ETF approval in May? Justin Sun weighs in

crypto.news

Other articles published on Apr 29, 2024

Bitcoin Stabilizes Above $59,600 Amid Declining Selling Pressure and Hong Kong ETF Hopes

Bitcoin collapse to continue? Veteran trader Brandt says this

MicroStrategy Q1 net loss hits $53.1M, but Bitcoin buying spree continues

The $250K Quest: How BEFE Coin Could Be Your Ticket to Success!

Polygon In Peril: Will MATIC Bounce Back Or Stay Stuck In The Sub-$1 Doldrums?

This Nvidia Partner And Bitcoin Miner Stock Could Surge By 50%, Say Analysts

Join our free newsletter for daily crypto updates!