Tron Founder Justin Sun Predicts Ethereum ETF Approval Won’t Happen in May
Renowned entrepreneur Justin Sun, the mastermind behind the establishment of the Tron blockchain, recently shared his thoughts on the likelihood of Ethereum ETFs receiving approval. Sun expressed a pessimistic view, stating that the current circumstances do not favor the authorization of Ethereum exchange-traded funds in May. Taking to his official X account, the influential figure emphasized that the crypto market still requires substantial groundwork.
“My honest opinion (NFA) is that an Ethereum ETF won’t be approved in May. The crypto industry still needs to prepare for a long-term education with regulators, focusing on helping them understand crypto. But we’ve always been here, haven’t we?” tweeted H.E. Justin Sun 孙宇晨 on April 28, 2024.
In his recent statement, Sun highlighted the importance of providing comprehensive information for the advancement of the crypto market. He stressed the significance of educating regulatory bodies about the crypto industry to facilitate informed decision-making in the future. Sun also acknowledged the ongoing efforts of the crypto community in advocating for regulatory understanding of the sector, but cautioned that immediate approval for Ethereum ETFs is unlikely at present.
While the Depository Trust and Clearing Corporation (DTCC) has officially listed Franklin Templeton’s spot ETF application, this development does not guarantee approval of the spot ETH ETF application by the US Securities and Exchange Commission (SEC). The DTCC typically lists securities that have met specific compliance and registration requirements for settlement and trading purposes.
The SEC has postponed its decision on Franklin Templeton’s ETF application until June 11, allowing for an extended evaluation period of 45 days. Major players in the industry, including ARK Invest, VanEck, BlackRock, and Grayscale, are also vying for approval of spot ETH ETFs. Despite ongoing speculations, the regulator’s decision on approving ETH ETFs remains uncertain for the time being.