“Ethereum Spot ETF” is now the new hype for ETH pumps, but has little chance of approval, says cryptocurrency lawyer.

The majority of large cryptocurrency traders view Ethereum (ETH) as a top investment asset and are finding new reasons to buy ETH amid this bull run.

Ethereum (ETH), the leading smart contract cryptocurrency network, is currently trading at $3,403 and is up 47% in the last 30 days.

As we already know, large U.S. companies have applied for approval of Ethereum spot ETF products from the U.S. Securities and Exchange Commission (SEC).

Some ETF experts believe that a decision on Ethereum spot ETF applications will be made around May of this year and that there is a good chance that the SEC agency will approve these applications.

Amid speculation about the application for an Ethereum spot ETF, cryptocurrency attorney Jake Chervinsky shared his opinion and said there is little chance of approval.

Cryptocurrency lawyers say the SEC agency has faced very high political and court pressure on Bitcoin spot ETF applications, but the case for the Ethereum ETF is different. Here, people are just optimistic about seeing the ETH ETF, because the SEC is not facing any pressure.

If the SEC agency approves the Ethereum ETF, cryptocurrency market behavior will be out of the regulator’s control. In other words, they are trying to withhold approval.

Moreover, cryptocurrency lawyers argued that BlackRock should not be considered to apply for an ETH ETF because the SEC agency could use several complicated legal reasons to not approve it and political pressure would be a more important factor.

Jake said there is no doubt that BlackRock scores better in ETF approvals due to its systematic work and better relationship with SEC agencies, but it is likely that the SEC will ask the BlackRock firm to withdraw its application. Therefore, the decision on ETH ETF here is fraught with uncertainty.

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