Galaxy Research Director: The likelihood of the Ethereum spot ETF being approved in May is very low

ChainCatcher news, Galaxy Digital's research director Alex Thorn stated that the likelihood of a spot ETF for Ethereum being approved in May currently seems extremely unlikely.

Thorn believes that if the SEC is seeking information about the interactions between cryptocurrency companies and the Ethereum Foundation, it may consider whether the Ethereum initial coin offering (ICO) from 2014 constitutes an unregistered securities offering, rather than simply categorizing the current secondary trading of ETH as securities trading. While the SEC may view the ICO and the current secondary trading of ETH separately, any enforcement action by the Ethereum Foundation nearly a decade after the ICO would become extremely non-compliant.