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JPMorgan Doubts May Approval for Spot Ethereum ETF

JPMorgan casts doubt on SEC's May approval for Ethereum ETFs, citing a crucial need for ETH's commodity classification amid market optimism.
JPMorgan Doubts May Approval for Spot Ethereum ETF

JPMorgan has expressed skepticism regarding the Securities and Exchange Commission’s (SEC) potential approval of spot Ethereum ETFs by May. In a recent interview, Nikolaos Panigirtzoglou, a figure at JPMorgan, emphasized the SEC’s need to categorize Ethereum as a commodity akin to Bitcoin to facilitate such approval. However, Panigirtzoglou conveyed his reservations, stating,

“This is far from given, and I wouldn’t put more than a 50% chance to the SEC classifying Ethereum as a commodity before May.”

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Comparison with Bitcoin ETFs

The context of this uncertainty stems from the SEC’s recent move to approve spot Bitcoin ETFs, marking a significant shift after a decade of rejections. Ethereum’s market dynamics have shown a notable surge, with a nearly 18% increase in its price over the last week. However, at press time, ETH had fallen under bearish pressure, exchanging hands at $2,591.62, a 0.82% decline from the intra-day high. 

Despite these positive market indicators and the success of Bitcoin ETFs, the SEC’s approach to cryptocurrencies other than Bitcoin remains cautious and, as Panigirtzoglou suggests, is still skewed towards viewing them as securities.

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Implications of Ethereum’s Staking Protocols

The debate over Ethereum’s classification is further complicated by its transition to staking protocols. SEC Chair Gary Gensler has previously indicated that tokens using such protocols could fall under the category of securities. This stance was evident during a congressional hearing last year, where Gensler refrained from categorically defining Ethereum’s status.

Moreover, while approving Bitcoin ETFs, Gensler’s remarks did not hint at a similar openness towards other cryptocurrencies, including Ethereum.

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JPMorgan’s Stance on Ethereum ETF Contradicted

Despite JPMorgan’s cautious outlook, other market analysts, like Bloomberg Intelligence’s James Seyffart, hold a more optimistic view on the approval of Ethereum ETFs. The recent filings for spot ETH ETFs by major firms such as BlackRock and Fidelity underscore this optimism.

Moreover,, BlackRock’s CEO Larry Fink has acknowledged the potential for an Ethereum ETF in the United States following the successful launch of their Bitcoin ETF, which saw impressive trading volumes.

Read Also: Bitcoin Price Slips 6% to Hit $43500, Is Sell-the-News Strategy in Action?

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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