The potential approval of an Ether spot ETF is believed to be one of the catalysts that could drive the next wave of upward trend for Ether. However, recent revelations by Fox Business reporter Eleanor Terrett suggest that market optimism for the approval of an Ether spot ETF in May is dwindling.
Terrett quotes insiders who indicate that the recent meetings between issuers, custodians, and the staff of the U.S. Securities and Exchange Commission (SEC) have not yielded favorable results. Despite efforts by the issuers to push the SEC staff to expedite the process, the staff does not seem as enthusiastic as they were with the Bitcoin spot ETF applications.
Furthermore, there are reports suggesting that SEC Chairman Gary Gensler considers the approval of the Bitcoin spot ETF as already giving the industry a chance, and approving an Ether ETF is not an easy task. In addition, influential anti-cryptocurrency politicians such as Senator Warren are expressing dissatisfaction with the SEC’s previous decision to approve the Bitcoin spot ETF and are opposing a similar decision for an Ether ETF.
With less than two months left until the crucial decision day for the Ether ETF on May 23, it remains to be seen what decision the SEC will make.
