SEC Unlikely to Approve Spot Ether ETFs in May, Says VanEck CEO

VanEck CEO Doubts Approval of Spot Ether ETFs

VanEck CEO Jan van Eck has expressed skepticism about the approval of spot Ether exchange-traded funds (ETFs) by the United States Securities and Exchange Commission in May. In an interview with CNBC on April 9, van Eck stated that his firm’s spot Ethereum ETF application will “probably be rejected.”

Regulatory Hurdles and Lack of Feedback

Van Eck highlighted the regulatory process, explaining that regulators provide comments on the application, and in the case of Ethereum, there has been a notable lack of feedback. CoinShares CEO Jean-Marie Mognetti shares a similar pessimistic view, stating that approvals are unlikely in the near future.

Challenges in ETF Approval Process

The SEC has maintained a prolonged period of inaction on the pending applications for spot Ether ETFs. This lack of communication between the regulator and fund issuers, as noted by industry experts, raises doubts about the likelihood of approval in May.

Spot Bitcoin ETFs Experience Investor Sentiment Shift

Spot Bitcoin (BTC) ETFs in the United States have seen a reversal in investor sentiment, with net outflows since the start of the week following previous inflows. Grayscale’s GBTC spot ETF recorded significant outflows, while other Bitcoin ETFs saw net inflows during the same period.

Performance of VanEck’s Spot Bitcoin ETF

VanEck’s spot Bitcoin ETF, traded under the ticker HODL, is among the top funds launched recently. Since its inception, it has attracted substantial inflows, reflecting investor interest in Bitcoin as a maturing asset.