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Financial lawyer Scott Johnsson has expressed concern about the potential rejection of Ethereum Spot ETFs, which will be decided on May 23. Johnsson found evidence that the US Securities and Exchange Commission (SEC) is considering the security issue for Ethereum (ETH) in this upcoming spot ETF decision.
“I realize this is already considered a high probability, but this is the SEC's official notification that it is considering the security question for ETH in the upcoming spot ETF order,” Johnsson said. said. Johnsson also noted that this question was never asked regarding the spot/futures Bitcoin (BTC) ETF product.
According to the SEC's requirements under 15 USC 78s(b)(2)(B), included in the published document, the SEC is required to “advise the grounds for disapproval under consideration.” Johnsson pointed out that this question was asked in Requests for Comments (RFCs) for all Ethereum applications, but he thinks it was never asked for Bitcoin applications.
Johnsson suggests that the purpose of these questions is to potentially reject applications on the basis that these spot applications are improperly filed as commodity-based trust shares and are ineligible if they hold a security. “Again, this is widely predicted, but I'm not sure many are aware of it,” he added.
This information was included in a request for comment following the second postponement of the commencement of proceedings. Johnsson accused the SEC of “trying to hide the ball” and admitted he missed that detail the first time.
*This is not investment advice.