Standard Chartered Bank Lowers Expectations for Ethereum ETF Approval in May

Standard Chartered Bank Lowers Expectations for Ethereum ETF Approval by SEC

In a surprising turn of events, the Standard Chartered Bank has revised its outlook on the approval of the Ethereum exchange-traded fund (ETF) by the Securities and Exchange Commission (SEC). Previously optimistic about the approval happening in May, the bank is now lowering its expectations for the upcoming decision.

Geoffrey Kendrick, head of forex and crypto research at the bank, stated in a report that there was hope for the SEC to give the green light on May 23. However, with no signs of discussion between the SEC and the ETF applicant, the bank has adjusted its predictions regarding the approval date.

“While US ETF approval may not happen in May, we see a global environment that continues to support ETF growth, and we remain optimistic about eventual approval in the US,” Kendrick added.

The global crypto market is showing growth, with large investors showing interest in ICO Raboo, despite Bitcoin and Ethereum experiencing a decline. Vaneck CEO Jan Van Eck and JPMorgan analyst Nikolaos Panigirtzoglou have also lowered their expectations for ETF ethereum approval in May, with Panigirtzoglou giving only a 50% chance of approval.

The uncertainty surrounding the SEC’s view of Ethereum adds to the complexity of the situation. SEC chairman Gary Gensler has previously referred to most crypto tokens as securities, except for Bitcoin, but has not provided a clear statement on the status of Ether. Recently, 48 US congressmen urged Gensler to provide clarity on the classification of Ether as securities.

As the deadline for the decision approaches, the crypto community eagerly awaits the SEC’s ruling on the Ethereum ETF approval. Stay tuned for more updates on this developing story.