Standard Chartered Bank, which was previously optimistic about the approval of spot Ethereum exchange-traded funds (ETFs), has now changed its stance.
The bank’s head of forex and digital assets research, Geoffrey Kendrick, stated in a report on Tuesday that they no longer expect the US Securities and Exchange Commission (SEC) to approve ETH ETFs on May 23.
According to Kendrick, their previous expectation was based on the belief that the ETH approval process would follow a similar path to the approval of Bitcoin ETFs in January, with constructive dialogue between the SEC and ETF applicants.
However, no such dialogue has taken place, indicating that the May 23 approval is unlikely.
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