{"id":492169,"date":"2024-03-21T11:53:16","date_gmt":"2024-03-21T11:53:16","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=492169"},"modified":"2024-03-21T11:53:16","modified_gmt":"2024-03-21T11:53:16","slug":"sec-probes-ethereum-status-as-bloomberg-slashes-odds-of-ethereum-etf-approval-in-may","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/sec-probes-ethereum-status-as-bloomberg-slashes-odds-of-ethereum-etf-approval-in-may","title":{"rendered":"SEC Probes Ethereum Status As Bloomberg Slashes Odds Of Ethereum ETF Approval In May"},"content":{"rendered":"

The US Securities and Exchange Commission (SEC) has launched a probe into Ethereum to determine whether the largest altcoin is a security, Fortune reported.<\/p>\n

The SEC sent subpoenas to companies seeking documents and financial records relating to their dealings with the Ethereum Foundation, the story said, citing companies that have received SEC subpoenas.<\/p>\n

The Ethereum Foundation, a non-profit organization that oversees the governance and development of the Ethereum blockchain, confirmed it was under investigation in an update<\/a> on its GitHub repository.<\/p>\n

The investigation started after the Ethereum blockchain switched from a proof-of-work consensus to proof-of-stake in 2022, Fortune said.<\/p>\n

Odds For SEC Approval Of A Spot Ethereum ETF Plunge<\/h2>\n

The SEC probe into Ethereum comes as BlackRock, Fidelity, and six others await the regulator’s decision on their applications for a spot Ethereum ETF (exchange-traded fund).<\/p>\n

The SEC approved spot Bitcoin ETFs in January, but US legislators have expressed concern<\/a> over the approval of additional crypto ETFs.<\/p>\n

Bloomberg ETF analyst Eric Balchunas says there is now only a 25% chance the SEC greenlights a spot ETH ETF by a May deadline as he slashed the odds from a 35% possibility on Mar. 11<\/p>\n

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.@JSeyff<\/a> has great note out today explaining our 25% odds, i love this timeline comparison chart. Btc spot comments from SEC came 91 days bf final deadline. We curr 65 days away with eth etf deadline. Tick tock.. pic.twitter.com\/Bkp4L0zoa8<\/a><\/p>\n

— Eric Balchunas (@EricBalchunas) March 20, 2024<\/a><\/p><\/blockquote>\n