Ethereum ETF Proposal Criticized by Max Keiser as SEC Stays Silent
Amidst increasing anticipation within the crypto community, the possibility of a spot Ethereum Exchange-Traded Fund (ETF) receiving approval has dimmed. Originally expected in May, the silence from regulators, particularly the SEC, has left experts and analysts speculating without concrete details.
JP Morgan recently expressed their prediction of potential legal action against the SEC if a spot Ethereum ETF fails to materialize in May. They believe that such litigation could eventually pressure the SEC into approving Ethereum ETFs.
Surprisingly, Max Keiser, a well-known Bitcoin advocate and advisor to the president of El Salvador, weighed in on the matter. Keiser dismissed Ethereum as a “proof-of-stake scam” and praised the SEC for refraining from endorsing an Ethereum ETF.
Keiser’s skepticism aligns with the doubts expressed by other industry players, including VanEck and CoinShares, who also question the likelihood of SEC approval.
VanEck’s CEO anticipates rejection for the Ethereum ETF in May, citing the SEC’s lack of substantial feedback on applications. VanEck’s CEO suggests focusing on tackling the unpredictable ETH gas fees instead of pursuing ETF aspirations. CoinShares’ head shares this sentiment, predicting a bleak outlook for Ethereum ETF approval in the future.
The absence of comments from the SEC has deepened the uncertainty surrounding the fate of an Ethereum ETF, fueling speculation within the crypto community.