The US SEC is expected to reject several applications for exchange-traded funds (ETFs) based on Ethereum, the world’s second-largest cryptocurrency, Reuters reported on April 25, citing industry insiders.
The decision, anticipated in May, follows recent discouraging interactions between ETF issuers and the SEC.
Firms such as VanEck and ARK Investment Management, among others, have submitted applications to the SEC for ETFs that would directly track the spot price of ether.
The agency’s decisions on these applications, with VanEck and ARK being the first in line, are due by May 23 and May 24, respectively.
Cold shoulder
Participants in recent meetings with the SEC described the talks as one-sided, with agency staff withholding substantive comments on the proposals. This marks a stark contrast to the detailed discussions that preceded the SEC’s approval of spot Bitcoin ETFs earlier this year.
Under the leadership of Gary Gensler, a noted crypto skeptic, the SEC has historically bee
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