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Dogecoin Creator Expresses Pessimistic Stance on Spot Ether ETF Approval

The approval of spot Ethereum exchange-traded funds (ETFs) remains undecided by the US Securities and Exchange Commission (SEC). On May 16, Billy Markus, co-founder of Dogecoin, expressed skepticism regarding their approval, suggesting that the SEC might be “compromised” and hesitant to approve the ETFs.

Markus shared his doubts in response to a post highlighting the significance of spot Ether ETF approval for the ecosystem and the potential repercussions of a negative verdict on Ethereum. He conveyed through a tweet that he believes “nothing good will come out” of the spot ETH ETF application.

Spot Ether ETF Approval “Not Important” to Drive Ethereum

Markus’ remark underscores a broader skepticism regarding the SEC’s impartiality in its decisions concerning Ethereum and cryptocurrency. Consequently, he holds the belief that the regulator’s ruling on spot Ether ETFs will not adversely affect Ethereum’s trajectory or the overall cryptocurrency market. This sentiment resonates with the prevailing doubt surrounding spot Ethereum ETFs.

Recently, finance attorney Scott Johnsson has proposed that Ethereum’s legal categorization will significantly influence the forthcoming ETF determinations. Johnsson’s perspective highlights a crucial disparity in how the SEC approaches Bitcoin and Ethereum.

Ethereum’s classification is subject to greater regulatory scrutiny compared to Bitcoin, where its security status was not a primary focus during spot ETF filings. This indicates a shifting regulatory emphasis between the two cryptocurrencies, signaling an evolving regulatory landscape for digital assets.

US SEC Previously Acknowledged Ethereum’s Non-Security Status

The approaching decision dates for VanEck and ARK Invest’s Ethereum ETF applications, slated for May 23 and May 24 respectively, have ignited fervent speculation within the cryptocurrency industry.

The potential green light for Ethereum ETFs extends beyond mere price fluctuations; it carries significant symbolic weight, cementing crypto’s legitimacy as an asset class and reaffirming its pivotal role in the ever-evolving financial landscape.

The trend toward regulatory clarity is unmistakable, evidenced by the SEC’s acknowledgment of Ethereum’s non-security status with the approval of an Ethereum futures ETF for trading in October 2023. This move established a clear precedent for greenlighting a spot Ethereum ETF.

Experts argue that any departure from this trajectory would introduce regulatory ambiguity and erode market confidence.

Hong Kong’s nod to spot Bitcoin and Ethereum ETFs, alongside their trading activities, underscores the growing global acceptance and acknowledgment of the potential inherent in Ethereum-based financial instruments.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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