- Grayscale CEO Michael Sonnenshein remains hopeful about the prospects of an Ethereum ETF approval.
- Despite recent setbacks, the cryptocurrency asset manager is not expected to pursue another lawsuit against the SEC.
- Key Ethereum backer Consensys has recently taken the SEC to court over its attempt to label Ethereum as a security.
Grayscale CEO Michael Sonnenshein is optimistic about the chances of an Ethereum ETF approval, despite recent setbacks. This article delves into the details of the situation and what it could mean for the future of Ethereum.
Sonnenshein’s Optimism Amidst Setbacks
As reported by CoinOtag, Grayscale recently withdrew its Ethereum futures ETF application after it was delayed in November. The withdrawal has led many analysts to believe that Grayscale will not pursue another lawsuit against the SEC. However, Sonnenshein remains hopeful, expecting the agency to do “the right thing”.
Grayscale’s Previous Victory and Current Challenges
Last August, Grayscale scored a significant victory against the SEC, paving the way for the approval of several Bitcoin ETFs in January. However, despite the success of Bitcoin ETFs, the consensus appears to be that the SEC will reject several Ethereum ETF applications this March due to a lack of engagement with ETF issuers.
Consensys Takes SEC to Court
Adding to the complexity of the situation, Consensys, a key Ethereum backer led by Ethereum co-founder Joseph Lubin, recently took the SEC to court over its attempt to label Ethereum as a security. This legal battle could have significant implications for the future of Ethereum and its potential ETF approval.
Conclusion
Despite the challenges and uncertainties, Sonnenshein’s optimism provides a glimmer of hope for those anticipating an Ethereum ETF approval. The outcome of Consensys’ lawsuit against the SEC could also play a pivotal role in this regard. As the situation continues to unfold, all eyes remain on the SEC and its next move.
