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- JP Morgan analysts have indicated uncertainty regarding the potential approval of a spot Ethereum exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) next month.
JP Morgan analysts have indicated uncertainty regarding the potential approval of a spot Ethereum exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC) next month.
Referring to the SEC’s recent actions against entities linked to Ethereum, the analysts conveyed a negative outlook for approval in a note published on Thursday.
The report underscored the SEC’s investigation into companies connected with the Ethereum Foundation, a non-profit organization that supports the Ethereum ecosystem.
Although the SEC has not confirmed the investigation, JP Morgan analysts viewed this situation as additional evidence that the likelihood of spot Ethereum ETF approval by May remains at or below 50%.
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If an Ethereum ETF is not sanctioned by the forthcoming deadline, the report indicates that applicants may pursue action against the regulator.
The analysts also conveyed a belief that the SEC might ultimately face losses in legal disputes, akin to the cases involving Grayscale and Ripple last year, which could lead to the eventual approval of spot Ethereum ETFs.
However, they do not foresee this occurring as early as May.
In a more positive viewpoint shared last month, JP Morgan analysts proposed that Ethereum might be categorized as a commodity rather than a security due to its enhanced decentralization.
JP Morgan is not the only entity to adjust expectations regarding Ethereum ETF approval. Bloomberg Intelligence ETF analysts previously remarked that approval in the upcoming month appears unlikely.
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