VanEck CEO thinks SEC probably won’t allow Spot Ether ETFs in May.

VanEck CEO Jan van Eck has expressed concerns about the US Securities and Exchange Commission’s approval of spot Ether exchange-traded funds (ETFs) in May.

In an interview with CNBC on April 9, van Eck stated that his firm’s spot Ethereum ETF application will “probably be rejected.”

VanEck and Cathie Wood’s ARK Invest were one of the first to apply for a place to trade Ether funds in the United States.

Both companies are waiting to hear the final decision, which will be made on May 23 and May 24.

Van Eck says that there hasn’t been enough communication.

Van Eck talked about how regulators look at the application and give their opinions. He said that in the case of Ethereum, there haven’t been many comments from regulators.

CoinShares CEO Jean-Marie Mognetti doesn’t think that any approvals will happen soon.

The SEC hasn’t made a decision about spot Ether ETFs for a long time.

The regulator and fund issuers are not talking, which makes it less likely that an ETF will be approved in May.

Van Eck wants to create an Ether ETF. They are waiting for approval along with six other companies like Grayscale, BlackRock, and Fidelity.

Balchunas, who thought there was a high chance of approval in May, now believes there is only a 35% chance.

He wrote on X and said the same things as van Eck. He pointed out that the SEC needs to give feedback, which it hasn’t done yet.

Similarly, ETF expert James Seyffart also said the same thing, and he is worried that the SEC has not made any comments or had any discussions about it.

He asked why the SEC took so long to do anything when they were supposed to review the applications.

“There’s no reason for the SEC to have done absolutely nothing for months when we knew this was coming.”

Bitcoin ETFs start the week with money leaving.

Bitcoin ETFs in the US have lost investor money this week after gaining money for four days in a row.

Grayscale’s GBTC spot ETF had a big impact on the change. It lost over $303 million in one day on Monday and another $154 million on Tuesday.

Other than GBTC, more people have put money into other Bitcoin ETFs during this time. BlackRock’s iShares Bitcoin Trust and Bitwise Bitcoin ETF have gotten the most money.

At the moment, VanEck’s Bitcoin investment fund, called HODL, is the fifth biggest out of the ten new funds that have been started (not counting Grayscale).

Since it started in the middle of January, it has received $461. 7 million, based on information from Farside Investors.

Van Eck said that Bitcoin ETFs are doing well and Bitcoin is becoming a more mature investment. He also mentioned that there are still many investors who haven’t invested in cryptocurrency yet.

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