VanEck CEO Foresees SEC Denial of Ethereum ETFs by May

VanEck’s CEO, Jan Van Eck, predicts that Ethereum exchange-traded funds (ETFs) will be rejected by the U.S. Securities and Exchange Commission (SEC) by May due to a lack of regulatory clarity. This is in contrast to the success of VanEck’s Bitcoin ETF, which has seen significant interest from investors. The SEC’s different view on the technology behind Bitcoin and Ethereum creates further obstacles for Ethereum ETF approval. Van Eck’s comments highlight the challenges faced by the cryptocurrency sector amidst regulatory silence. The SEC’s lack of action has led to doubts among commentators, with odds of approval being lowered from 70% to 35%. Concerns over Ethereum’s proof of stake (PoS) protocol also contribute to the regulatory hurdles for Ethereum ETFs, as it differs from Bitcoin’s proof of work (PoW) protocol. Despite the uncertainty surrounding Ethereum ETFs, VanEck’s Bitcoin ETF has been successful since its launch in January, indicating the growing interest in Bitcoin among investors. As the SEC’s next move remains uncertain, industry insiders are closely monitoring the situation.