Bloomberg ETF analyst Eric Balchunas is skeptical about the SEC approving a spot Ethereum (ETH) ETF by late May.
Reasons for Pessimism
- Delayed Approval Process: The SEC has not yet provided comments to issuers, which typically precedes multiple rounds of feedback and revisions.
- SEC Chair’s Views: Balchunas believes SEC Chair Gary Gensler considers Ether a security, not a commodity, making approval inconsistent with his stance.
- Lack of Political Pressure: Unlike the spot Bitcoin ETF, which was approved after a lawsuit against the SEC, there is no similar pressure for an ETH ETF.
Gensler’s Stance on Ether
Balchunas suggests that Gensler’s personal belief that Ether is a security is a major obstacle to approval.
Conclusion
Balchunas remains pessimistic about the SEC approving a spot Ethereum ETF by the end of May. The delayed approval process, Gensler’s views, and the absence of political pressure all contribute to his skepticism.
