Eric Balchunas praised securities lawyer Scott Jonhsson, who believes the SEC is examining the legal basis for denying applications for ether spot ETFs.
In turn, Eric Balchunas said that the regulator is considering the possibility of refusing on the basis that the applications were submitted with violations, since the shares of the instruments are securities, not exchange-traded goods.
“The chances of Ether spot ETFs being approved are virtually zero,” Balchunas said.
The analyst recalled that in May the regulator had already postponed the decision on the spot product from the companies Invesco and Galaxy, and on April 23 postponed the consideration of the application from Franklin Templeton until June 11.
Earlier, Eric Balchunas said that the importance of approving spot cryptocurrency ETFs in Hong Kong should not be exaggerated – the ETF market in the city-state is extremely small.
Source: Bits
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