Dogecoin Creator Expresses Pessimistic Stance on Spot Ether ETF Approval
The US Securities and Exchange Commission (SEC) has yet to decide on spot Ethereum exchange-traded funds (ETFs). On May 16, Billy Markus, co-founder of Dogecoin, voiced his doubts about their approval, saying that the SEC is “compromised” and may not approve the ETFs.
Markus made his skeptical comment in response to an X post discussing the importance of the approval of spot Ether ETFs for the ecosystem and the potential impact of a negative decision on Ethereum. He tweeted a response that “nothing good will come out” of the spot ETH ETF application.
Markus’ comment reflects a broader pessimism about the SEC’s ability to make fair and unbiased decisions regarding Ethereum and cryptocurrency.
i don’t think it’s that important personally
the SEC is compromised anyway, nothing good will come out of it until the house is cleaned
— Shibetoshi Nakamoto (@BillyM2k) May 15, 2024
Given this, Markus believes the regulator’s decision on spot Ether ETFs won’t negatively impact Ethereum’s trajectory or the cryptocurrency market as a whole. The Dogecoin creator’s views also echo the prevalent skepticism surrounding spot Ethereum ETFs.
Recently, finance lawyer Scott Johnsson suggested that Ethereum’s legal classification will play an important role in the upcoming ETF decisions.
I'm aware this is widely considered a possibility, but this is your official notice that the SEC is considering the security question for ETH in this upcoming spot ETF order. Note that this question was never (afaict) asked regarding a spot/futures BTC ETF product. pic.twitter.com/TwhqmTnJfC
— Scott Johnsson (@SGJohnsson) May 14, 2024
Johnsson’s view shows a key distinction in the SEC’s approach to Bitcoin and Ethereum.
Ethereum’s classification is receiving more
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