Spot Ethereum ETF not coming ‘anytime soon,’ says Mark Yusko
The United States Securities and Exchange Commission is unlikely to approve a spot Ether ( ETH ) exchange-traded fund (ETF) this year despite the optimism sparked by the recent approval of the first spot ( BTC ) Bitcoin ETF, according to Morgan Creek Capital co-founder and CEO Mark Yusko.
In a recent interview, Bloomberg ETF analyst Eric Balchunas said there is a 70% chance a spot Ether ETF will be approved by May. However, Yusko disagrees.
“I’d probably say less than 50/50,” he told Cointelegraph in an exclusive interview.
Despite the recent Bitcoin ETF approval, Yusko argued that the SEC remains broadly hostile toward cryptocurrencies, as was suggested by the agency’s head, Gary Gensler, in his message on the day of the approval.
Another obstacle, according to Yusko, is that the SEC may still regard Ether as a security — unlike Bitcoin, which is considered a commodity.
Switching topics to Bitcoin, Yusko argued that the approval of the spot ETF will dramatically reduce BTC’s volatility and, therefore, its potential returns. Investors should welcome that, according to Yusko, as it’s a sign of the maturation of the asset.
“It wasn’t invented for day trading,” he said about Bitcoin. “It was invented to allow you and I to exchange value without asking permission.”
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Tether Ends EURT Support to Focus on MiCAR-Compliant Stablecoins
Tether cited evolving regulatory frameworks in Europe as a reason for ending EURT support.
Russian Lawmakers Approve Crypto Tax Bill: Miners to Pay 13-15% on Revenues
Crypto miners in the nation will soon have to pay taxes of 13% or 15% on their annual revenues
Who is Paul Atkins, the popular candidate for SEC Chairman?
After Gary Gensler's resignation in January 2025, Atkins will become the SEC chairman, which means that U.S. cryptocurrency regulation may help promote innovation rather than hinder it.
Shiba Inu could rally 50% with key resistance break