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Approval of an Ethereum ETF would not be so safe, says JP Morgan

With the approval of the Bitcoin spot ETF, all eyes turned to Ether (ETH, Ethereum's native cryptocurrency), which could be the next spot ETF for crypto assets in the United States. However, spokespeople for investment bank JP Morgan point out that this is “far from a fact”.

Nikolaos Panigirtzoglou, Global Markets Strategy Manager at JP Morgan, in Testify He expressed the company's opinion to the press and ensured that in the case of the Ethereum spot ETF, the Securities and Exchange Commission (SEC) first should classify ETH as Goods (raw material) official and clear.

Ethereum is in legal limbo. The SEC has not officially stated this ETH is considered Goods, as was the case with Bitcoin. Yes, the organization's president, Gary Gensler, has spoken out on a number of occasions. For example, when asked about the topic, he even went so far as to say that he could not “damage” an asset like ETH.

Nevertheless, as we reported in CriptoNoticias, the SEC approved Ethereum futures ETFs last October. SEC documents show that some officials do not view ETH as a security, opening the possibility, for example, some, a future approval of an Ethereum spot ETF. However, Gary Gensler himself, Chairman of the SEC, has stated that “c“Everything that is not Bitcoin” falls under the control of the agency.

For this reason, the SEC continues to consider any cryptocurrency other than Bitcoin to be a cryptocurrency for Panigirtzoglou Security. JP Morgan “doesn’t even give a 50 percent chance of approval.” [los ETF spot de Ethereum]“.

Although these are the analyst's positions, all eyes were on Ethereum on the day of the Bitcoin spot ETF approval. And the price of the cryptocurrency created by Vitalik Buterin rose by 14% on anticipation of a future spot ETF.

All Ethereum spot ETF approval applications are listed in the table below:

7 Ethereum spot ETF applications await SEC approval or rejection. Source: Bloomberg.

One of the companies applying is BlackRock has the record of 576 approved ETFs including Bitcoin and only 1 rejected. So we still have to wait, considering that the SEC has postponed the decision on Ethereum ETFs until the first quarter of 2024.

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