Justin Sun, the renowned entrepreneur behind the Tron blockchain, recently shared his thoughts on the approval of Ethereum ETFs. According to Sun, the current situation surrounding the authorization of these exchange-traded funds is not very promising, and he believes that the authorities will not approve them in May. Taking to his official X account, Sun expressed that the crypto market still needs significant preparation.
“I honestly don’t think an Ethereum ETF will be approved in May. The crypto industry still needs to focus on educating regulators in the long term and helping them understand crypto. But we’ve always been here, haven’t we?” Sun tweeted.
In his recent post, Sun emphasized the importance of providing accurate information to the crypto market for its progress. He specifically mentioned the need to educate regulators about the crypto industry, which could potentially lead to better decisions in the future.
Expanding on his point, Sun discussed the efforts of the crypto community in making regulators comprehend the potential of the sector. However, he made it clear that the market is currently far from receiving immediate approval for Ethereum ETFs.
Meanwhile, the Depository Trust and Clearing Corporation (DTCC) has officially listed the spot ETF application of Franklin Templeton. However, this listing does not guarantee the approval of the spot ETH ETF application by the US Securities and Exchange Commission (SEC). The DTCC typically lists qualified securities on its website for settlement and trading, considering the compliance and registration procedures that exchange-traded funds have fulfilled.
The SEC has postponed its decision on Franklin Templeton’s ETF application until June 11. This allows the agency to extend the evaluation period for another 45 days before making a decision. In addition to Franklin Templeton, prominent players such as ARK Invest, VanEck, BlackRock, and Grayscale are also competing for approval of spot ETH ETFs. Therefore, despite speculations, it remains uncertain whether the regulator will approve ETH ETFs in the near future.
Tags: ETH
