Standard Chartered adjusts stance, no longer expecting SEC to approve Ethereum spot ETF in May.
Standard Chartered reverses stance on Ethereum spot ETF. Photo: TheNewsCrypto
Previously, Standard Chartered expected the US Securities Commission (SEC) to approve Ethereum spot ETFs on May 23, 2024. However, up to now, the bank has reversed its opinion, saying that this is unlikely to happen next month.
Geoffrey Kendrick, head of foreign exchange and digital assets research at Standard Chartered, said:
"We predicted that the Ethereum spot ETF approval process would followthe trajectory of Bitcoin . There were many constructive conversations that took place between the SEC and the organizations wanting to issue, before approving the ETF. So But as of now, there isn't any public discussion about the ETH product, so the May 23rd approval date is quite far away.”
Since last month, the SEC has continued to delay a decision on the Ethereum spot ETF filings of VanEck, BlackRock , Fidelity , Franklin Templeton, and Grayscale.
It's not just Standard Chartered that has lowered its expectations for an Ethereum spot ETF approval in May. Both Bloomberg 's Eric Balchunas and James Seyffart have lowered the odds of this product appearing to a pessimistic 25% , while each giving estimated figure of up to 60-70% earlier this year.
Also last month, Galaxy Digital head of research, Alex Thorn, commented that “the possibility of an Ethereum spot ETF approval in May seems extremely unlikely.”
In the long term, Standard Chartered is still optimistic that the SEC will agree, similar to the recent forecast of giant JPMorgan. At the same time, the bank also maintains a target price of 150,000 USD for BTC and 8,000 USD for ETH until the end of 2026.
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