JPMorgan doesn’t see more than 50% chance of spot Ethereum ETF approval by May | Headlines | News | CoinMarketCap
01/13/2024 01:12
JPMorgan isn't betting big that the Securities and Exchange Commission will clear spot Ethereum exchange-traded funds in May — its first deadline to …
The Block15 minutes ago
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Published on January 12, 2024 17:57 GMT+00:00edited on January 12, 2024 18:01 GMT+00:00
JPMorgan isn't betting big that the Securities and Exchange Commission will clear spot Ethereum exchange-traded funds in May — its first deadline to approve such funds.
"In our opinion, for the SEC to approve spot Ethereum ETFs in May, it would need to classify Ethereum as a commodity (similar to bitcoin) rather than a security," JPMorgan's Nikolaos Panigirtzoglou told The Block. "This is far from given, and I wouldn't put more than a 50% chance to the SEC classifying Ethereum as a commodity before May."
Earlier this week, the SEC approved spot bitcoin ETFs after over a decade of rejections. Traders are now betting that spot Ethereum ETFs could be next in line to get the green light as the price of ether has surged nearly 20% in the last seven days compared to bitcoin's gain of 2.5% …