The CEO of investment firm VanEck believes the SEC will not approve spot Ethereum exchange-traded funds in May.
In an interview with CNBC on April 9, Jan van Eck stated that his company's application for a spot Ethereum ETF will most likely be rejected.
The company, along with ARK Invest, was the first to apply for a spot Ether ETF in the US and is currently awaiting a decision on May 23 and May 24, respectively.
According to VanEck, the legal process involves receiving comments on the application from regulators, which has been going on for several weeks.
However, there has been no progress on the ETF applications for Ethereum, leading VanEck and other industry experts to believe that a May approval is unlikely.