Bittime - TRON Founder Justin Sun Doubts Ethereum ETF Approval in May. Market players are currently filled with uncertainty regarding the approval of the Ethereum Exchange-Traded Fund (ETF) which is directly linked to assets (spot) in May.
Initially, hopes for the presence of this investment instrument were quite high. However, doubts began to surface along with comments made by Justin Sun, founder of the TRON Foundation.
"In my opinion [NFA - this information is not financial advice ], an Ethereum ETF will most likely not get the green light in May," Sun said in a social media post.
"The crypto industry still needs to provide long-term education to regulators so they can better understand crypto." Sun's statement emphasizes the gap in understanding between the crypto industry and regulators regarding this digital asset.
In fact, various parties in the crypto industry have long been trying to establish communication with regulators. Unfortunately, progress in making regulations is still slow and has not reached a common ground.
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Regulators Don't Understand Crypto Yet?
Sun's doubts are in line with general views in the crypto industry. Many market players feel that regulators do not fully understand the basics of crypto.
As a result, the process of drafting regulations becomes stalled. Oliver Linch, CEO of Bittrex Global, in an interview with CNBC expressed his disagreement with the regulator's approach of analyzing crypto through a traditional financial lens.
"The problem comes when they try to value crypto this way. They ask, 'Is this like a security? Or a commodity?' No, this is neither. This is crypto," stressed Linch.
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Chances of Ethereum ETF Approval Are Slim
Apart from doubts from industry players, information from internal sources following meetings between the SEC (Securities and Exchange Commission) and ETF issuers further strengthens the pessimistic view.
To Reuters, the source revealed that the chances of an Ethereum ETF being approved in May are quite slim.
Large financial institutions such as JPMorgan and Bernstein also expressed doubts about the lack of communication on the part of the SEC. This lack of interaction is seen as a negative signal regarding the chances of approval of the instrument.
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However, hope is not completely lost. The involvement of BlackRock, a giant investment firm known for its high ETF approval rate (576 approvals with only one rejection), provides some optimism.
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Another View
Apart from that, Grayscale, a crypto investment management company, also offers a different perspective. Craig Salm, Grayscale's Chief Legal Officer, believes the lack of communication from the SEC is not an absolute deterrent.
He cited the spot Bitcoin ETF approval process where the SEC interacts with the issuer. According to Salm, this method has the potential to also be applied to Ethereum.
With the May 23 and 24 effective dates for VanEck and ARK's Ethereum ETF filings just around the corner, the crypto market is now on hold.
The predominance of pessimistic views means that the approval in May was expected to be a pleasant surprise. Otherwise, delays or rejections are expected
How to Buy Ethereum (ETH) on Bittime
You can buy and sell Ethereum (ETH ) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Ethereum (ETH )is available on Bittime with the market pair Ethereum (ETH )To be able to buy Ethereum (ETH )on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Ethereum (ETH ) on Bittime .
Monitor price chart movements for Ethereum (ETH ) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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