“Ethereum spot ETF” is now a new hype for ETH pump but approval chances are rare, Says Crypto lawyer

The majority of the big crypto traders are eyeing Ethereum (ETH) as the best investment asset and looking for new reasons to buy ETH amid this bull run.

The current trade price of Ethereum (ETH), the top smart-contract crypto network, is $3,403 & this trade price is 47% higher over the last 30 days.

As we know already the big players in the US filed for the Ethereum spot ETF products approval with the United States Securities and Exchange Commission (SEC).

Some ETF experts believe that a decision on the Ethereum spot ETF applications will come sometime in May of this year and there are huge chances that the SEC body will approve these applications.

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Amid the speculations around Ethereum spot ETF applications, Crypto lawyer Jake Chervinsky shared his opinion and said that there are rare chances of approval.

The crypto lawyer said that the SEC body faced very high political & court pressure for Bitcoin spot ETF applications but the case of Ethereum ETF is different because here people are only optimistic to see ETH ETF but the SEC not facing any pressure.

If the SEC body approves Ethereum ETF then surely the crypto market behaviour will get out of the control of the regulators. In short, they will try to suspend the approval.

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

Furthermore, the crypto lawyers claimed that the SEC body may use some complicated legal reasons not to approve ETH ETF and also here we should not think that there is BlackRock with the ETH ETF application because political pressure will be a more important factor.

Jake said that no doubt BlackRock has a better score for ETF approval because of its systematic work & better relationship with the SEC body but there are huge chances that the SEC may ask the BlackRock firm to withdraw the application. So here the decision on ETH ETF is full of uncertainty.

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“Ethereum spot ETF” is now a new hype for ETH pump but approval chances are rare, Says Crypto lawyer

 

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