Ethereum ETF Not Approved, Standard Chartered Changes View

Ethereum ETF submission has no progress, Standard Chartered Bank changes its opinion. (Photo; Doc. UToday)

JAKARTA - The Standard Chartered Bank, which once believed the Ethereum exchange-traded fund (ETF) would be approved by the Securities and Exchange Commission (SEC) in May, is now changing its opinion. Although still confident in the long-term prospects for ETF ethereum, Standard Chartered will lower its expectations for Ethereum's ETF approval next month.

According to Geoffrey Kendrick, head of forex and crypto research at the bank, in his report stated that previously there was hope that the SEC would give the green light on May 23. The bank predicts that the Ethereum approval process will be similar to the bitcoin ETF which was approved in January 2024i. But unfortunately, until now there have been no signs of discussion between the SEC and the ETF applicant. So Standard Chartered changed its predictions regarding Ethereum ETF approval on that date.

Kendrick added, "Although US ETF approval may not have occurred in May, we see a global environment supporting ETF continues to grow, and we are optimistic about the actual approval in the US." According to Crypto Media, the global crypto market continues to show growth, with large investors interested in ICO Raboo, while Bitcoin and Ethereum are experiencing a decline.

Meanwhile, several companies and analysts are also adjusting their views. Vaneck CEO Jan Van Eck, and JPMorgan analyst Nikolaos Panigirtzoglou have both lowered their expectations of ETF ethereum approval in May. The Panigirtzoglou even provided only 50% chance of approval, with the prediction that the SEC would approve ETF ethereum once potential legal obstructions are resolved.

The SEC's view of ethereum adds to the uncertainty. SEC chairman Gary Gensler previously referred to most crypto tokens as securities, except bitcoin, but has yet to provide an explicit statement on the status of ether. Recently, 48 US congressmen urged Gensler to provide clarity on the classification of ether as a securities.