Tron’s Justin Sun Says Ethereum ETF Unlikely to Be Approved in May
Tron CEO and founder Justin Sun said it is unlikely an Ethereum exchange-traded fund (ETF) will be approved in May with the cryptocurrency in need of “long-term education with regulators.”
Numerous analysts have already said the Securities and Exchange Commission (SEC) is expected to deny their applications to launch an Ethereum ETF.
In an X post, the crypto mogul weighed in on the subject matter, adding:
My honest opinion (NFA) is that an Ethereum ETF won't be approved in May. The crypto industry still needs to prepare for a long-term education with regulators, focusing on helping them understand crypto. But we've always been here, haven't we?
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 28, 2024
Last week the SEC announced a delay in its decision regarding Franklin Templeton’s proposed spot Ethereum ETF, extending the deadline to June 11, 2024. This news comes from a filing made public, leaving the future of this financial product uncertain for the time being.
There are several issuers which have filed applications for Ethereum ETFs including BlackRock, 21Shares with Ark, Fidelity, and Invesco together with Galaxy, Grayscale, VanEck, Hashdex and Franklin Templeton.
Analysts from Bloomberg Intelligence have said, “Many analysts have speculated that the SEC will reach a final decision on whether to approve or deny a spot Ether ETF for listing and trading on U.S. exchanges in May, during deadlines for applications from several asset managers.”
However, the recent SEC delays have tempered expectations. Bloomberg Intelligence analyst James Seyffart has expressed scepticism, suggesting the current round of Ether ETF applications might ultimately be denied.
In April, the SEC initiated a period of public comment regarding their
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