{"id":28289,"date":"2024-03-27T13:25:19","date_gmt":"2024-03-27T13:25:19","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/valkyrie-co-founder-says-spot-ethereum-etf-approval-unlikely-in-may\/"},"modified":"2024-03-27T13:25:19","modified_gmt":"2024-03-27T13:25:19","slug":"valkyrie-co-founder-says-spot-ethereum-etf-approval-unlikely-in-may","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/valkyrie-co-founder-says-spot-ethereum-etf-approval-unlikely-in-may\/","title":{"rendered":"Valkyrie co-founder says spot Ethereum ETF approval unlikely in May"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/03\/ethereum-rising-sun-moon-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/03\/ethereum-rising-sun-moon-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/03\/ethereum-rising-sun-moon-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2024\/03\/ethereum-rising-sun-moon-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Valkyrie co-founder and CIO Steven McClurg says a spot Ethereum ETF approval is unlikely in May.<\/li>\n<li>He says its likely a Litecoin or XRP spot ETF is approved before that of ETH.<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400\">Steven McClurg, the co-founder and CIO of asset management firm Valkyrie, believes the US Securities and Exchange Commission (SEC) will not approve a spot Ethereum ETF approval in May.<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Valkyrie CIO shared his remarks during a fireside chat at the Digital Wildcatters Empower Conference. <\/span><\/p>\n<p><span style=\"font-weight: 400\">Fox Business\u2019 Eleanor Terrett <a href=\"https:\/\/twitter.com\/EleanorTerrett\/status\/1772960281804615724\" target=\"_blank\" rel=\"noopener\">shared<\/a> McClurg\u2019s opinion via her official X account on Wednesday, March 27.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udea8NEW: Some key takeaways from my fireside chat at <a href=\"https:\/\/twitter.com\/DWildcatters?ref_src=twsrc%5Etfw\">@DWildcatters<\/a> Empower Conference with <a href=\"https:\/\/twitter.com\/ValkyrieFunds?ref_src=twsrc%5Etfw\">@ValkyrieFunds<\/a> CIO <a href=\"https:\/\/twitter.com\/stevenmcclurg?ref_src=twsrc%5Etfw\">@stevenmcclurg<\/a>: <\/p>\n<p>\ud83d\udcccHe believes <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a> could be a security and the spot ETF will not get approved in May.<\/p>\n<p>\ud83d\udcccHe thinks it\u2019s more likely a <a href=\"https:\/\/twitter.com\/search?q=%24LTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$LTC<\/a> or <a href=\"https:\/\/twitter.com\/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$XRP<\/a> spot ETF gets approved\u2026 <a href=\"https:\/\/t.co\/6VjaBEXubL\">pic.twitter.com\/6VjaBEXubL<\/a><\/p>\n<p>\u2014 Eleanor Terrett (@EleanorTerrett) <a href=\"https:\/\/twitter.com\/EleanorTerrett\/status\/1772960281804615724?ref_src=twsrc%5Etfw\">March 27, 2024<\/a><\/p>\n<\/blockquote>\n<h2><span style=\"font-weight: 400\">What are analysts saying about spot Ethereum ETF?<\/span><\/h2>\n<p><span style=\"font-weight: 400\">According to Terrett\u2019s post, McClurg believes that <a href=\"https:\/\/coinjournal.net\/news\/tag\/ethereum\/\">Ethereum<\/a> \u201ccould be a security\u201d, comments that may align with recent reports of an investigation against the Ethereum Foundation. The subpoena against the Swiss-based non-profit has seen the topic of whether ETH is a security resurface.<\/span><\/p>\n<p>Before recent developments, <a href=\"https:\/\/coinjournal.net\/news\/spot-ethereum-etfs-approval-likely-on-may-23-standard-chartered\/\">analysts largely expected an ETH ETF approval<\/a> in May.<\/p>\n<p><span style=\"font-weight: 400\">While previous commentary, including from a former high-ranking SEC official dubbed Ethereum not a security, it appears it could be a factor in the question of SEC\u2019s approval of a spot Ethereum ETF.<\/span><\/p>\n<p><span style=\"font-weight: 400\">McClurg believes the regulatory nod for the highly anticipated ETF will not happen this May.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably though, the US Commodity Futures Trading Commission (CFTC) views ETH as a commodity and the latest indicator is reference to Ethereum and Litecoin as commodities in its lawsuit against crypto exchange KuCoin.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Instead he sees a potential approval of LTC or XRP spot ETFs ahead of any for ETH in the US.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Experts, including Bloomberg senior ETF analyst Eric Balchunas have <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1772372601098162624\" target=\"_blank\" rel=\"noopener\">said<\/a> chances of a May 2024 nod have reduced following the lack of engagement between the SEC and issuers.<\/span><\/p>\n<p><span style=\"font-weight: 400\">Over the past few weeks, the regulator delayed decisions on multiple spot Ethereum ETF proposals, including by BlackRock and Fidelity.<\/span><\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/valkyrie-co-founder-says-spot-ethereum-etf-approval-unlikely-in-may\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Alt Coin News and Cryptocurrency Comparison ) Valkyrie co-founder and CIO Steven McClurg says a spot Ethereum ETF approval is unlikely in May. He says its likely a Litecoin or XRP spot ETF is approved before that of ETH. Steven McClurg, the co-founder and CIO of asset [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":28290,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/28289"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=28289"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/28289\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/28290"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=28289"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=28289"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=28289"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}