Share this article
Ether Spot ETFs Still Have No More Than 50% Chance of Approval in May: JPMorgan
There will probably be litigation against the SEC after May if ether ETFs aren’t approved, the report said.
Updated Apr 11, 2024, 2:06 p.m. Published Apr 11, 2024, 2:04 p.m.
- JPM says the odds of a spot ether ETF approval in May are still no more than 50%.
- There will likely be litigation against the SEC if the regulator doesn’t approve the products in May, the report said.
- Spot ether ETFs will eventually be approved, the bank said.
Recent news that the U.S. Securities and Exchange Commission (SEC) is investigating companies associated with the Ethereum Foundation is consistent with the view that there is no more than a 50% chance of spot ether exchange-traded fund (ETF) approval in May, JPMorgan (JPM) said in a research report on Thursday.
The bank reiterated its view that approval of these products is unlikely next month, a position first expressed in January. The SEC must make final decisions on some of the ETF applications by May 23. The SEC approved spot bitcoin ETFs in January, stirring speculation in some quarters that versions for ether, the token of the Ethereum blockchain, may follow suit.
STORY CONTINUES BELOW
“If there is no spot ether ETF approval in May, then we assume there is going to be litigation against the SEC after May,” analysts led by Nikolaos Panigirtzoglou wrote.
JPMorgan said the most likely outcome is that the SEC will eventually lose this litigation, similar to what happened in the Grayscale and Ripple cases, and will eventually approve spot ether ETFs. But not in May.
One reason the SEC is likely to lose any litigation is because of the declining concentration in staking on Ethereum, raising the chance that ether will avoid being designated as a security, the report said.
The bank noted in a report last week that Lido’s share of staked ether has continued to fall, which should reduce concerns about concentration in the network.
Read more: Ether Could Avoid Designation as a Security With Centralization Risk Easing, JPMorgan Says
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
U.S. Regulator Pushes Back on Banks Fighting Crypto's Pursuit of Trust Charters
Comptroller of the Currency Jonathan Gould spoke at an industry event in Washington, arguing that the OCC won't resist crypto because of banker complaints.
What to know:
- Comptroller of the Currency Jonathan Gould delivered some pushback to the traditional banks that have tried to slow the industry's entry into banking.
- Up to 14 companies have applied for bank charters in the past year, including a number of crypto firms, Gould said.
Top Stories
