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Last Tuesday (09), issuers of spot Bitcoin exchange-traded funds (ETFs) expressed their doubts about the possibility of the United States Securities and Exchange Commission (SEC) approving a similar product for the cryptocurrency Ether (ETH ), as reported by CNBC.

With a May deadline to complete its review on an Ether ETF, the SEC had already pushed back the original deadline for a decision on the Ether ETF application in March.

Big-name companies like BlackRock, Fidelity and VanEck, for example, which launched spot Bitcoin ETFs this year, are among those awaiting approval of an Ether product.

However, some issuers are not optimistic about SEC approval of Ethereum ETF applications.

Ethereum ETFs Seem Far Away for Executives

VanEck CEO Jan van Eck, for example, stated during the Paris Blockchain Week crypto event in France that they could be the first to be rejected.

“We were the first to apply for an ETF for Ethereum also in the US, and we and [a CEO da Ark Invest] Cathy Wood, we’re first in line for May. I think we will probably be rejected,” said the VanEck CEO

Furthermore, Jan van Eck highlighted that the legal process involves prior comments from regulators. This happened weeks before Bitcoin ETFs were approved, but so far there has been nothing similar for Ethereum. In this regard, he expressed concerns about the SEC’s approval of the Ether ETF.

While the crypto community eagerly awaits the approval of an Ether ETF, SEC Chairman Gary Gensler has suggested that the agency may not be willing to approve such an investment product. This is because, according to him, most cryptoassets are investment contracts subject to federal securities laws. Therefore, they are subject to federal securities laws.

Jean-Marie Mognetti, CEO of CoinShares, also shared his pessimistic outlook. According to the executive, he does not see any approval occurring in 2024.

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