Bitcoin exchange-traded funds (ETFs) have enjoyed significant success, igniting hopes for similar offerings for other cryptocurrencies like Ethereum.
However, crypto attorney Jake Chervinsky holds a contrary view. He suggested that pending applications for an Ethereum ETF might face rejection from the US Securities and Exchange Commission (SEC).
Why The SEC Will Deny Ethereum ETFs
Chervinsky said approval of a spot Ethereum ETF would intensify political pressure on the financial regulator. He pointed out that the SEC faced “a ton of political blowback for approving Bitcoin ETFs” despite its decision being influenced by the court.
The lawyer highlighted the SEC’s precedent of adopting legally dubious stances to align with political agendas, suggesting the federal agency might lean on similar reasoning for denial.
“The SEC has a legal argument that, even if wrong, likely…
