Tron Founder Justin Sun Doubts Approval of Spot Ethereum ETFs by SEC

Tron founder Justin Sun has expressed his doubts about the United States Securities and Exchange Commission (SEC) approving spot Ethereum ETFs anytime soon. In a recent statement, Sun highlighted the need for education within the crypto industry to help regulators better understand the technology.

Despite several major players like BlackRock and Fidelity submitting applications for spot Ethereum ETFs, the SEC has continuously delayed making a decision. The most recent extension was granted to Franklin Templeton, pushing the decision date to June 11, 2024.

Sun’s skepticism is shared by other industry leaders, with VanEck CEO Jan Van Eck and CoinShares CEO Jean-Marie Mognetti expressing their doubts about the approval of spot Ethereum ETFs in the near future. The overall sentiment within the industry is one of pessimism, with many expecting their applications to be rejected by the SEC.

The uncertainty surrounding the approval of spot Ethereum ETFs has cast a shadow over the crypto industry, with many now questioning the possibility of ever receiving approval. The SEC’s efforts to classify Ethereum as a security have only added to the industry’s concerns.

As the wait for approval continues, industry players are left wondering if the SEC will ever come to a decision on spot Ethereum ETFs. The need for education and understanding between regulators and the crypto industry remains a crucial factor in moving forward with these applications.