Ethereum
Dogecoin (DOGE) creator breaks silence on Ethereum ETF
Gamza Khanzadaev
Dogecoin’s Billy Markus Slams SEC Ahead of Ethereum ETF Verdict
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In a recent discussion on social media, Dogecoin co-author Billy Markus has given its thoughts on the SEC’s upcoming decision regarding Ethereum-based exchange-traded funds. Responding to a skeptical post about the fate of ETH ETFs, Markus expressed a similarly pessimistic stance, implying that the current “compromised” state of the regulator has little value for possible approval.
This statement from Markus comes amid heightened expectations regarding Ethereum’s legal position amid the SEC’s ETF discussions. Financial lawyer Scott Johnsson recently estimated that the legal classification of Ethereum will feature prominently in upcoming ETF decisions. He highlighted the regulator’s reluctance to approve commodity trust actions for Ethereum, citing concerns over its securities-like nature, something Bitcoin ETFs have not faced.
Current status of Ethereum ETFs
The impending decision dates for VanEck and ARK Invest’s applications for Ethereum ETFs, set for May 23 and 24 respectively, already a week away, have intensified speculation in the crypto industry. Despite expectations of a rejection due to Ethereum’s alleged regulatory failure, the exact basis for the SEC’s potential rejection remains unclear.
Markus’ remarks add to the skepticism surrounding the prospects of Ethereum ETFreflecting the broader sentiment in the cryptocurrency community regarding regulatory hurdles.
Unanswered questions remain about the extent to which regulatory barriers will prevent mass adoption of Ethereum and altcoins, and whether there will be alternative investment opportunities.
There are also ongoing debates over the effectiveness and fairness of the regulatory framework, with proponents arguing for clearer guidelines and opponents criticizing excessive regulation.
About the Author
Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master’s program in banking and asset management.
He wants to participate in covering economic and financial technology topics, as well as making more people aware of cryptocurrencies and blockchain.