jakiro
Source: carbon chain value
On April 25, according to Reuters, the US SEC will refuse to apply for Ethereum spot ETF next month.According to 4 people familiar with the matter, after a meeting with the US Securities and Exchange Commission (SEC) in recent weeks, the US publisher and other companies expect that SECs will refuse them to launch an application for Ethereum Ethereum Ethereum Ethereum in Ethereum.
VANECK and Ark Investment Management and seven other publishers have submitted an application for listing ETFs to the US Securities and Exchange Commission. These ETFs will track the spot price of the world’s second largest cryptocurrency in the world after Bitcoin.The US Securities and Exchange Commission must make decisions on VANECK and ARK before May 23 and May 24, respectively, and the application of these two companies ranks first.
The four people attended the meeting said that the recent meeting between the issuer and the US Securities and Exchange Commission was unilaterally, and the staff of the agency did not discuss the substantial details of the proposed products.
These people refused to disclose their identities because the talks were carried out privately.
The SEC led by cryptocurrency skepticist Gary Gensler has rejected the spot Bitcoin ETF for more than ten years because of market manipulation concerns.
The above -mentioned persons said that the issuer argued at the meeting that these ETFs and the US Securities and Exchange Commission approved the Ethereum futures based on Ethereum futures to create a precedent for spot Ethereum products and try to solve potential supervision issues.They added that the staff of the US Securities and Exchange Commission listened to their opinions, but did not clarify specific concerns, nor did they propose general issues, which showed that the agency would refuse these applications.
This will be a setback for the cryptocurrency industry. The industry has hoped that the spot Bitcoin ETF can pave the way for other similar products and push the cryptocurrency to the mainstream.
The data company Vettafi’s ETF analysis director Todd Rosenbluth said: It seems that the approval should be delayed until the later 2024, or it is more likely to be more likely, he is closely tracking this issue.”The supervision situation seems to be uncertain.”
Some issuers said they still plan to submit additional disclosure documents to the US Securities and Exchange Commission to continue the dialogue.
A spokesman for the US Securities and Exchange Commission said that the committee did not comment on individual applications.VANECK CEO Jan Van Eck told CNBC this month that the company’s application “is likely to be rejected.”
ARK did not reply to the evaluation request.In a event this week, Cathie Wood, CEO of ARK, said Ethereum may become a major asset category.
Cryptocurrency Exchange OKX President HONG FANG said the price of Ethereum reflects the depreciation of the expected depreciation.Although cryptocurrency rose by 39% this year, it has always been difficult to keep up with the pace of Bitcoin. Bitcoin rose by more than 51%, and hit a new high last month.FANG said that as people build this expectation, the pressure of downward price will be greater.
More data
According to the source and the records of the US Securities and Exchange Commission, the US Securities and Exchange Commission has held several meetings several times so far.
The only meeting disclosed by the regulatory agency was held last month with the cryptocurrency exchange Coinbase.The meeting was related to Grayscale’s application to convert Ethereum trust into ETF, and Coinbase was the custodian of the trust.
The basis of the US Securities and Exchange Commission approved the spot Bitcoin ETF is that its existing market supervision mechanism for Bitcoin Futures ETF approved in 2021 is also enough to apply to spot ETFs.Coinbase believes that the same reason is also suitable for spot Ethereum products, because according to the disclosure of the US Securities and Exchange Commission, Ethereum futures are highly related to the spot market.
If the US Securities and Exchange Commission really refuses Ethereum ETF, some applicants expect it to refuse Ethereum ETF because of some extensive problems, such as the nature and depth of the foundation Ethereum market statistics.
Matt Hougan, chief investment officer of Bitwise Asset Management, said the company has applied for Ethereum spot ETF, which may think that it has limited time to observe Ethereum futures.
“I think this will be the mechanical reason it is launched, because they just want to see more data.”
Some insiders said that refusal may cause another lawsuit.”We are totally likely to eventually see Ethereum ETF,” said one of the sources.”But unless someone is rejected and resorted to court.”
