JP Morgan analyzes the possibility of Ethereum spot ETF approval by May as “50% or less”

Ethereum ETF after Bitcoin ETF?

The application for listing a Bitcoin spot ETF was approved by the SEC for the first time on the 11th of this week, and expectations for the application for an Ethereum ETF are high. This is also reflected in the price of ETH this week.

connection: U.S. SEC approves “Bitcoin spot ETF” for the first time, ethereum price soars to 20-month high

Regarding the application status of the Ethereum spot ETF, companies that provide Bitcoin ETFs, such as BlackRock, Fidelity, and VanEck, are progressing. The first to expire are those from Hashdex and VanEck, with results expected to be announced in May.

However, analysts at major bank JP Morgan seem to think it is unlikely that the SEC will approve it in May.

In an interview with The Block, the bank’s Nikolaos Panigirtzoglou said: “In our view, for the SEC to approve an Ethereum ETF in May, Ethereum must be considered a commodity (similar to Bitcoin) rather than a security. “However, there is less than a 50% chance that the SEC will classify Ethereum as a commodity by May.”

The SEC’s judgment regarding the securities nature of Ethereum is not clear at this point. SEC Chairman Gensler has repeatedly emphasized that all staking-based virtual currency stocks are securities. On the other hand, he has not made any statements about Ethereum itself.

Additionally, when approving the listing of a Bitcoin ETF this week, Chairman Gensler said, “This does not indicate an intention to approve the listing standards for virtual currency securities.”

Since November of last year, the SEC has postponed all decisions on whether or not Hashdex, Grayscale, and Invesco’s applications for listing Ethereum ETFs are acceptable.

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