{"id":90723,"date":"2024-04-29T00:32:42","date_gmt":"2024-04-29T04:32:42","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=90723"},"modified":"2024-04-29T00:32:43","modified_gmt":"2024-04-29T04:32:43","slug":"trons-justin-sun-says-ethereum-etf-unlikely-to-be-approved-in-may","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=90723","title":{"rendered":"Tron\u2019s Justin Sun Says Ethereum ETF Unlikely to Be Approved in May"},"content":{"rendered":"
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Tron CEO and founder Justin Sun said it is unlikely an Ethereum exchange-traded fund (ETF) will be approved in May with the cryptocurrency in need of \u201clong-term education with regulators.\u201d<\/p>\n

Numerous analysts have already said the Securities and Exchange Commission (SEC) is expected to deny their applications to launch an Ethereum ETF. \u00a0<\/span><\/p>\n

In an X post, the crypto mogul weighed in on the subject matter, adding:<\/p>\n

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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?<\/p>\n

\u2014 H.E. Justin Sun \u5b59\u5b87\u6668 (@justinsuntron) April 28, 2024<\/a><\/p>\n<\/blockquote>\n

Franklin Templeton\u2019s Eth ETF Decision Delayed<\/span><\/strong><\/h2>\n

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Last week the SEC announced a delay in its decision regarding Franklin Templeton\u2019s proposed spot Ethereum ETF, extending the deadline to June 11, 2024. This news comes from a filing made public, leaving the future of this financial product uncertain for the time being.<\/p>\n

There are several issuers which have filed applications for Ethereum ETFs including BlackRock, 21Shares with Ark, Fidelity, and Invesco together with Galaxy, Grayscale, VanEck, Hashdex and Franklin Templeton.<\/span><\/p>\n

Analysts Express Scepticism<\/span><\/h2>\n

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Analysts from Bloomberg Intelligence have said, \u201cMany analysts have speculated that the SEC will reach a final decision on whether to approve or deny a spot Ether ETF for listing and trading on U.S. exchanges in May, during deadlines for applications from several asset managers.\u201d<\/span><\/p>\n

However, the recent SEC delays have tempered expectations. Bloomberg Intelligence analyst James Seyffart has expressed scepticism, suggesting the current round of Ether ETF applications might ultimately be denied.<\/span><\/p>\n

In April, the SEC initiated a period of public comment regarding their potential approval. The commission is seeking feedback on proposals from Bitwise Ethereum Trust, Fidelity Ethereum Fund, and Grayscale Ethereum.<\/span><\/p>\n

Justin Sun and the SEC<\/h2>\n

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When it comes to dealing with the SEC, Sun is no stranger. Most recently Sun is <\/span>being sued by the <\/span>SEC on allegations of fraud, market manipulation and airdropping unregistered securities. <\/span>An SEC\u00a0lawsuit alleges Sun and the aforementioned crypto entities broke federal law by offering and selling unregistered securities <\/span>in the form of Tronix (TRX) and BitTorrent (BTT).<\/span><\/p>\n

In updated court filings, the SEC claims that the Tron founder \u201ctravelled extensively\u201d to the U.S. throughout \u201chis work on behalf of the Tron Foundation, the BitTorrent Foundation, and\/or Rainberry.\u201d<\/span><\/p>\n

Sun owns over $1 billion in assets across various wallets linked to him, with $280 million USDD algorithmic stablecoin being his largest holding, according to Arkham\u2019s data,<\/span><\/p>\n

In April, Sun, a crypto billionaire and controversial entrepreneur <\/span>had the Academy Award-winning music composer and producer Hans Zimmer compose the TRON Anthem.<\/p>\n<\/p><\/div>\n