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The SEC is not actively considering Ethereum ETF applications, despite having one month until the approval deadline.
Industry experts predict that Ethereum (ETH) spot ETFs will probably be rejected by regulators for public trading next month.If denied, U.S. investors may not have access to such products until December 2024 at the earliest, leaving Ethereum behind Bitcoin (BTC) in terms of Wall Street adoption.
Why Are Ethereum ETFs Unlikely to Be Approved?
According to sources contacted by Reuters, meetings between the Securities and Exchange Commission (SEC) and prospective Ethereum ETF issuers have been mostly one-sided.
Despite a looming application deadline of less than a month for VanECK and ARK, SEC staff have not engaged in substantial discussions about the proposed products.
This approach is a marked departure from the internal dialogue prior to Bitcoin spot ETF approvals in January, when regulators worked closely with sponsors for months to refine details such as in-kind versus in-cash redemptions.
Sources report that ETF issuers argue for approval based on the listing of Ethereum futures ETFs in October, suggesting a precedent that ETH-based investment products are secure enough for public markets.
These arguments echo those presented by Grayscale in its lawsuit against the SEC over Bitcoin spot ETF denials in 2022. Grayscale’s significant victory in that case a year later largely prompted the agency to approve the ETFs.
Despite this, the SEC has not engaged with specific counter questions, indicating a lack of serious consideration of the applications and an expected denial.
Is Another Lawsuit Possible?
Bloomberg ETF analyst Eric Balchunas mentioned earlier this month that Grayscale might not want to invest in another lawsuit, as the potential financial gain may be limited.
“That requires a significant investment of time and money for a possible small return,” he wrote.
SEC Chairman has expressed personal criticism of cryptocurrency, stating it has limited legitimate use cases outside of illegal financial activities and is inherently centralized.
Bitwise Chief Investment Officer (CIO) Matt Hougan suggests that the SEC could rationalize its denial of an Ethereum ETF by claiming they haven’t had enough time to thoroughly review the product.
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