Jake Chervinsky, Chief Legal Officer of cryptocurrency company Variant, has posted on X that he doubts the likelihood of a spot Ethereum (ETH) ETF approval this year.
Chervinsky’s comments come amid a bull run in the cryptocurrency markets, and he believes such an ETF could grow the market further.
SEC Faces Pressure in Ethereum ETF Approval
Despite previous triumphs with Bitcoin ETFs, the Securities and Exchange Commission (SEC) finds itself under mounting political pressure and amidst market instability, factors that could influence its decision-making process, according to Chervinsky.
I am a lot less confident about ETH ETF approval this year than many of you are.
The SEC got a ton of political blowback for approving BTC ETFs, even though the court basically forced it to.
Now animal spirits are in control of the market, and an ETH ETF would only add to that.
— Jake Chervinsky (@jchervinsky) March 1, 2024
While the current market is largely fueled by hype, Chervinsky believes in
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