Crypto Attorney Jake Chervinsky: Spot Ether ETF Approval in May Faces Uphill Battle Despite the recent wave of optimism surrounding
spot bitcoin ETFs, a similar product for
ether may not have an easy path to approval, warns
Jake Chervinsky, Chief Legal Officer at Variant.
Chervinsky points out that the
SEC's historical resistance to crypto initiatives stems from its negative perception of the technology and a desire to score political points.
The political landscape further complicates matters, as the SEC may be reluctant to greenlight an ether ETF due to pressure from
anti-crypto politicians who have criticized previous BTC ETF approvals.
Moreover, Chervinsky notes that the SEC has shown little urgency in addressing the necessary requirements for an ether ETF, suggesting a lack of enthusiasm or even potential roadblocks.
While not ruling out approval entirely, Chervinsky cautions against overly optimistic sentiment, emphasizing the challenging environment for such a product in the current market.
With analysts like Eric Balchunas revising down their odds to 30%, it seems that the road to an ether ETF approval in May is becoming increasingly uncertain. However, some institutions remain hopeful, including Standard Chartered and Blackrock.
