Galaxy Digital Believes Ether ETFs Will Not Be Approved in Near Future
According to Bloomberg strategists, the US Securities and Exchange Commission (SEC) is unlikely to approve applications from investment companies to issue Ether-focused spot crypto exchange-traded funds (ETFs) by May 2024.
Multiple companies, including BlackRock, Fidelity, Invesco/Galaxy, Grayscale, VanEck, 21Shares/Ark, and Hashdex, have submitted applications to issue such products on the American market.
However, even Galaxy Digital is doubtful about the SEC’s decision to legalize the new instrument by the end of spring. The research head of the crypto company, Alex Thorn, believes that the chances of approval are extremely low.
The SEC sent a letter to potential issuers of Ethereum ETFs, requesting clarification on their relationship with developers from the Ethereum Foundation.
