Tron CEO Justin Sun Expresses Doubt Regarding Ethereum ETF Approval in May

Tron CEO and founder Justin Sun has expressed skepticism regarding the approval of an Ethereum exchange-traded fund (ETF) in May. He cited the need for “long-term education with regulators” for cryptocurrencies like Ethereum.

Multiple analysts have also predicted that the Securities and Exchange Commission (SEC) will likely reject applications for Ethereum ETFs.

In a recent post, Sun shared his views on the matter, stating that it is unlikely for an Ethereum ETF to gain approval in the near future.

The SEC recently announced a delay in its decision on Franklin Templeton proposed spot Ethereum ETF, extending the deadline to June 11, 2024. This decision has left the fate of the ETF uncertain for now.

Several issuers, including BlackRock, 21Shares with Ark, Fidelity, Invesco, Galaxy, Grayscale, VanEck, Hashdex, and Franklin Templeton, have filed applications for Ethereum ETFs.

Bloomberg Intelligence analysts have speculated that the SEC could make a final decision on spot Ether ETFs in May, but recent delays have tempered expectations. Analyst James Seyffart expressed skepticism, suggesting that the current round of applications might be denied.

In April, the SEC initiated a public comment period on proposals from Bitwise Ethereum Trust, Fidelity Ethereum Fund, and Grayscale Ethereum.

Regarding dealings with the SEC, Sun is facing legal issues. He is being sued by the SEC for alleged fraud, market manipulation, and offering unregistered securities. The SEC claims that Sun and his crypto entities violated federal law by offering and selling unregistered securities in the form of Tronix (TRX) and BitTorrent (BTT).

In updated court filings, the SEC stated that Sun “travelled extensively” to the U.S. in his capacity as the founder of the Tron Foundation and the BitTorrent Foundation. Sun assets, totaling over $1 billion, include $280 million in USDD algorithmic stablecoin, according to Arkham’s data.

In April, Sun, known as a controversial entrepreneur, commissioned Academy Award-winning music composer Hans Zimmer to compose the TRON Anthem.

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