Justin Sun, Tron’s founder, has expressed doubts about the SEC approving a spot Ethereum ETF this month. This view is shared by many analysts who anticipate rejections from the SEC for several issuers’ applications. In an X post on April 28, Sun wrote, “We’ve always been here, haven’t we? The crypto industry still needs to educate regulators and focus on helping them understand crypto.”
As a researcher, I’ve looked into the recent statements from Justin Sun, the founder of Tron. He’s expressed his concerns about the prospects of a spot Ethereum exchange-traded fund (ETF) getting approved within the next month.
A prominent figure in the cryptocurrency world shares a comparable viewpoint with numerous other analysts. They anticipate that the Securities and Exchange Commission (SEC) will decline Ether spot ETF proposals from various applicants.
In an April 28 X post, Sun weighed in on the subject, adding:
“The crypto sector continues to require extensive education efforts towards regulators in order to foster an understanding of cryptocurrencies. We’ve been present throughout this journey, haven’t we?”
Based on a Reuters article I recently came across, I, as a researcher, have discovered that US financial institutions do not anticipate Securities and Exchange Commission (SEC) approval for a spot Ethereum Exchange Traded Fund (ETF) in May. This pessimistic outlook stems from reportedly disheartening encounters with the regulatory body during recent weeks.
According to a recent report, Blackrock, VanEck, ARK Investment Management, and six other entities have submitted applications to the Securities and Exchange Commission (SEC) to launch spot Ethereum exchange-traded funds (ETFs). The SEC is scheduled to make rulings on VanEck’s and ARK’s applications by May 23 and May 24, respectively.
It seems that the SEC’s decision regarding approving spot Ethereum ETFs may not follow the same path as spot Bitcoin ETFs, which were given the green light in January.
In March, Eric Balchunas, an ETF analyst at Bloomberg, estimated that there was a roughly 35% chance of the Securities and Exchange Commission (SEC) approving a spot Ethereum exchange-traded fund (ETF) in May. He noted that the SEC’s review process for Ethereum ETF applications had been more cautious than for their Bitcoin counterparts.
Sun has had prior experience with the Securities and Exchange Commission (SEC). Not long ago, the SEC filed a lawsuit against Sun, alleging deceit, manipulation of markets, and distribution of unregistered securities through airdrops.
As a securities analysis expert, I’ve reviewed the SEC’s allegations against Sun and certain crypto enterprises. Based on this information, it appears that they are accused of breaking federal securities regulations by providing and exchanging tokens, specifically Tronix (TRX) and BitTorrent (BTT), which have not been registered with the Securities and Exchange Commission.
The SEC’s revised court documents assert that the Tron founder frequently journeyed to the United States during his involvement with the Tron Foundation, the BitTorrent Foundation, and/or Rainberry.
According to Arkham’s data, the Sun owns around a billion dollars worth of assets spread across various wallets. His biggest investment among these is the USDD stablecoin, valued at approximately $280 million.
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2024-04-29 11:08