American Investment Bank TD Cowen Says Ethereum ETF Will Be Delayed
15 Gennaio 2024 - 12:00PM
NEWSBTC
Despite the United States Securities and Exchange Commission (SEC)
granting approval for Spot Bitcoin ETFs, TD Cowen, a prominent
American investment bank and financial service firm, foresees
potential delays in the approval process of Ethereum Spot
ETFs. Ethereum Spot ETF Faces Potential Hold-Up TD Cowen, an
investment bank and financial service division of TD Securities has
made a bold forecast, predicting that the US SEC is unlikely to
approve Ethereum Spot ETFs before its deadline. Presently, the SEC
is obligated to make its final decision on its rejection or
acceptance of Ethereum Spot ETF from May 23 to August 7,
2024. Related Reading: How To Buy And Trade Tokens On The SEI
Network Earlier on January 10, the SEC officially approved Spot
Bitcoin ETFs, triggering expectations that ETH Spot ETFs would
follow suit. Several major firms including Ark 21 Shares, VanEck,
Fidelity, BlackRock, and Hashdex have submitted applications for a
Spot Ethereum ETF. Additionally, the regulatory agency has fixed a
new deadline for Grayscale’s Ethereum Spot ETF to January 25.
TD Cowen’s predictions align with the SEC’s typical cautionary
approach towards cryptocurrency-related investment products. The
investment bank has disclosed that the regulator may delay ETH Spot
ETFs until it accumulates sufficient knowledge and experience from
its previously approved Bitcoin Spot ETFs. The bank estimates that
while the delay may not take as long as 26 months, it is likely to
persist beyond the upcoming elections. Similarly, Scott Melker, a
crypto investor on X (formerly Twitter) has highlighted the
possibility of the SEC hesitating to approve Ethereum Spot ETFs.
Melker predicted that the SEC would be reluctant to approve
Ethereum ETFs without external legal pressures similar to those
observed during the approval process of Spot Bitcoin ETFs.
“Gary Gensler isn’t going to entertain an Ethereum Spot ETF unless
the courts force it on him. I very seriously doubt we will see one
anytime soon, but would love to be proven wrong,” Melker
stated. ETH price recovers above $2,500 | Source: ETHUSD on
Tradingview.com Class Before Approval JP Morgan, an American
multinational financial service firm has introduced another layer
of complexity in the approval process of Ethereum Spot ETFs.
Managing Director at JP Morgan, Nikolaos Panigirtzoglou stated that
there was a 50% chance of the US SEC approving these Spot ETFs by
its May deadline. Related Reading: How To Buy, Sell, And
Trade Tokens On The BSC Network Panigirtzoglou revealed that the
SEC would need to classify ETH as a commodity, similar to Bitcoin
before it can officially grant authorization for Spot Ethereum
ETFs. In contrast, Bloomberg senior analyst, Eric Balchunas
is more optimistic on Ethereum Spot ETF approvals. The analyst has
disclosed a 70% chance of the SEC approving ETH Spot ETFs.
Balchunas said previously that he could not imagine a scenario
where the SEC would approve Spot Bitcoin ETFs and reject Ethereum
Spot Bitcoin ETFs. Featured image from Tech Cabal, chart from
Tradingview.com
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