VanEck and CoinShares Cast Doubt on SEC Approval of Spot Ethereum ETF

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VanEck and CoinShares Cast Doubt on SEC Approval of Spot Ethereum ETF



Major players in the financial markets are seeking SEC approval for a spot Ethereum ETF, following the successful launch of a similar investment product for Bitcoin earlier this year. However, two spot Bitcoin ETF issuers, VanEck and CoinShares, have cast doubt on the SEC’s spot Ethereum ETF approval.

Will Spot Ethereum ETF Coming in 2024?


The US SEC has a May 23 deadline to conclude its spot Ethereum ETF review. Last month in March, the SEC postponed its decision on Ether ETF applications from major players such as BlackRock, Fidelity.


However, speaking at the Paris Blockchain Week crypto event, VanEck CEO Jan Van Eck softened his expectations for SEC approval. Speaking to CNBC’s Arjun Kharpal, he said:

“We were also the first to apply for Ethereum in the US and we [Ark Invest CEO] Cathy Wood, I think, is probably the first candidate to be rejected for May. “The way the regulatory process goes is regulators give you comments on your application, and that happened weeks and weeks before Bitcoin ETFs, and right now, the pins are falling when it comes to Ethereum.”

CoinShares CEO Jean-Marie Mognetti expressed his keen interest in Ethereum’s regulatory developments in an interview with CNBC on Tuesday. Mognetti explained that CoinShares is following Ethereum’s progress closely and draws parallels with their participation in the Bitcoin ETF approval process.



Mognetti recalled that CoinShares entered the Bitcoin ETF race late, which led to successful qualification shortly before approval. But it tempered expectations about the possibility of a quick approval of an Ethereum-based ETF.

“I don’t see anything approved this side of the year,” Mognetti said, expressing skepticism about the SEC’s approval of Proof of Proof, a blockchain-specific protocol.


But last week, banking giant JPMorgan said the SEC would eventually approve a spot Ethereum ETF, even if not this May. JPMorgan strategists led by Nikolaos Panigirtzoglou said:

“If there is no spot Ethereum ETF approval in May, we assume there will be litigation after May. We believe the most likely scenario is that the SEC will eventually lose this case (Grayscale and ripple‘s legal battle last year), which would mean the SEC It means it will eventually approve spot Ethereum ETFs (but not this May).

Will ETH Price Rise Continue?


Ethereum price made a strong recovery last week, rising 10% to climb above $3,700. Over the past month, Ethereum supply from exchanges has dropped significantly. According to sources, approximately $1.2 billion worth of liquidity has been withdrawn from the spot market, which gives an upward signal. If this supply shock is supported, ETH price may rise to $4,000.




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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.





The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.

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