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BlockNews
Home CRYPTO

Spot Ethereum ETF Approval is Imminent and Here is Why

Conie by Conie
April 5, 2024
in CRYPTO, OPINION
Reading Time: 2 mins read
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  • JPMorgan predicts eventual SEC approval for spot Ethereum ETFs
  • The SEC is currently soliciting comments for a handful of spot ETH ETF applications
  • JPMorgan remains optimistic about the SEC’s eventual approval of spot Ethereum ETFs despite earlier assigning not more than a 50% chance for approval by May

JPMorgan predicts eventual SEC approval for spot Ethereum ETFs despite earlier assigning only a 50% chance for approval by May. The bank remains optimistic about the SEC’s eventual approval of spot Ethereum exchange-traded funds.

Diminished Hope for May Approval

Several analysts have decreased their optimism for SEC approval of a spot ether ETF by May. Last week, Bloomberg’s Eric Balchunas said his odds for May approval remain pessimistic at 25%, down from 70% in January. The SEC is currently soliciting comments on a handful of spot ETH ETF applications.

Background on Ethereum ETF Applications

The SEC is soliciting comments on spot ETH ETF applications from Fidelity, Grayscale, and Bitwise. Comments for all three are due later this month. JPMorgan’s Nikolaos Panigirtzoglou said if there’s no approval in May, there will likely be a litigation process, which the SEC will eventually lose. This will lead to the eventual approval of spot Ethereum ETFs.

NEW: 🇺🇸 SEC has a 50% chance of approving a Spot Ethereum ETF by May, states JP Morgan

— BlockNews.com (@blocknewsdotcom) April 5, 2024

Ethereum Decentralization and Security Status

JPMorgan’s team said Ethereum’s easing centralization concerns raise the chance it will avoid being designated a security. They pointed out network decentralization plays a role in determining if a token is a security. The SEC highlighted this in releasing the Hinman documents last June.

Conclusion

While JPMorgan sees diminished hope for Ethereum ETF approval in May, the bank remains optimistic the SEC will eventually have to approve spot Ethereum ETFs after losing litigation. In the meantime, the network’s increasing decentralization helps Ethereum’s case for not being classified as a security.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: BlockchainBusinesscryptoethereumsecWeb3
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Conie

Conie

Conie is a Web3 enthusiast, an experienced creative writer, and a passionate gamer. With her ability to fuse innovation with imagination, she brings a distinctive perspective to each piece she writes, delving into the ever-changing territories of the digital world, storytelling, and virtual adventures.

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