US SEC expected to deny spot ether ETFs next month, industry sources say
VanEck, ARK Investment Management and seven other issuers have filed with the SEC to list ETFs that would track the spot price of the world's second-largest cryptocurrency after bitcoin. The SEC must decide on VanEck's and ARK's filings, which are first in line, by May 23 and May 24 respectively.
Recent meetings between issuers and the SEC have been one-sided and agency staff have not discussed substantive details about the proposed products, said four people who participated.
That is in contrast to the intensive and detailed discussions between issuers and the agency in the weeks before its landmark approval of spot bitcoin ETFs in January, said the people who declined to be identified because the talks are private.
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View Details» The agency, which is led by crypto skeptic Gary Gensler, rejected spot bitcoin ETFs for more than a decade over market manipulation worries but was forced to approve them after Grayscale Investments won a court challenge.
Issuers argued in the meetings that those ETFs and ether futures-based ETFs the SEC approved in October
