Justin Sun, the renowned entrepreneur and founder of the Tron blockchain, recently shared his thoughts on the possibility of Ethereum exchange-traded funds (ETFs) being approved. According to Sun, the current situation does not look promising, and he believes that the authorities will not approve the ETFs in May. Taking to his official X account, Sun expressed that the crypto market still needs to make significant preparations.
“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 have always been here, haven’t we?” tweeted H.E. Justin Sun 孙宇晨 (@justinsuntron) on April 28, 2024.
In his recent post, Sun emphasized the need for proper information provision to ensure progress in the crypto market. He specifically mentioned the regulatory landscape, stating that the industry must disseminate adequate information about crypto. This would help enlighten regulatory agencies and potentially lead to better decisions in the future.
Further elaborating on his point, the entrepreneur discussed the efforts made by members of the crypto community. He emphasized that the entire industry has been working tirelessly to make regulators understand the immense potential of this 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 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 ETFs that have completed the necessary compliance and registration procedures.
The SEC has postponed the decision on Franklin Templeton’s ETF application until June 11, allowing the agency to extend the evaluation period by another 45 days. Additionally, industry giants such as ARK Invest, VanEck, BlackRock, and Grayscale are also vying for approval of their spot ETH ETFs. Therefore, despite speculations, it remains uncertain whether the regulator will approve ETH ETFs in the near future.
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