Key Point:
- James Seifert is increasingly pessimistic about the SEC's approval of Ethereum ETFs.
- The analyst points out that the SEC's prolonged silence on the matter is a sign that it may refuse to approve the ETF.
- Seifert said in a previous post that the SEC would deny the application by May.
Bloomberg ETF research analyst James Seifert reiterated his pessimism about the Securities and Exchange Commission's (SEC) approval of Ethereum ETFs. Seifert remains cynical about ETF approval because of the SEC's long silence on the matter.
I have been tagged in this tweet and many others regarding 19b-4 documents filed in the United States. #Ethereum ETFs today. There is nothing in the filing to indicate anything has changed.
The SEC's silence here is not a good thing. https://t.co/NoIQC7vjSJ
This analyst's recent X post was in response to multiple posts in which he was tagged. These posts shared insight into his recent SEC moves, including a notice regarding his Cboe BZX Exchange's proposal to list an Ether-based exchange-traded fund. In a filing with the SEC in November 2023, the exchange proposed rule changes for listing and trading shares of the Fidelity Ethereum Fund.
However, Seifert remains disappointed in the launch of an Ethereum ETF, commenting that the regulators' recent moves do not have any significant implications. He quoted:
“I was tagged in this tweet and many others regarding the 19b-4 document filed for the Ethereum ETF today. Nothing in the filing indicates anything has changed. No. The SEC's silence is not a good thing here.”
In his latest revelation, Seifert commented that the SEC will most likely deny the ETF's application by May 2024. This month was previously the month most believed to see ETF approval. Seifert also previously held optimistic beliefs about the SEC's positive approach, but announced that his recent posts have diminished that belief.
Similarly, Eric Balciunas, another prominent figure in ETF analysis, also opined that the positive sentiment surrounding the SEC's approval of Ethereum ETFs is fading. He said the probability of a Spot Ethereum ETF being approved by the SEC remains low, dropping to 35%.
