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Hong Kong promotes virtual asset ETFs, the outlook for the US Ethereum ETF remains unclear.
Hong Kong Launches Virtual Asset Spot ETF, Prospects and Regulatory Trends for US Ethereum ETF
On April 30, three asset management companies launched six virtual asset Spot ETFs on the Hong Kong Stock Exchange, covering two cryptocurrencies: Bitcoin and Ether. This move provides Hong Kong investors with a new channel to access alternative assets, although the trading volume on the first day did not meet expectations. An executive from a fund company stated that these ETFs open up new investment avenues for RMB holders and may attract mainland investors in the future.
However, the trading volume of the Hong Kong ETF on its first day was only about 12 million USD, while the trading volume of the Bitcoin ETF in the United States reached as high as 4.6 billion USD on its first day. Nevertheless, industry insiders believe that considering the uncertainties in the Chinese stock market and real estate market, these ETFs may attract the attention of high-net-worth individuals in China in the long run.
In the United States, the prospects for the Ethereum Spot ETF remain uncertain. A certain asset management company has listed its Ethereum ETF on the website of the Depository Trust Company, but this does not mean it will necessarily receive regulatory approval. The U.S. Securities and Exchange Commission (SEC) recently postponed its decision on the ETF application, allowing more time to review the related rule changes.
Compared to Bitcoin ETFs, Ethereum ETFs face more challenges. Analysts estimate that the likelihood of the SEC approving the Ethereum ETF in May is only 35%. The SEC chairman's stance on Ethereum potentially being viewed as a security adds complexity to the decision-making process. There are views that the approval of the Ethereum ETF may need to go through a legal litigation process similar to that of the Bitcoin ETF.
Recent reports indicate that the SEC may be re-evaluating the regulatory status of Ethereum. According to court documents from a software company, the SEC began considering classifying Ethereum as an unregistered security at least a year ago. The SEC has launched a formal investigation into "ETH 2.0" and has issued subpoenas to multiple companies.
This trend has sparked controversy between the industry and regulatory bodies. Congressional members criticize the SEC chair for having an unclear stance on Ethereum in public while taking action privately. The SEC's move is seen as an attempt to gain regulatory authority over Ethereum and other similar tokens.
If Ethereum is reclassified as a security, it will have a significant impact on the entire crypto asset industry. Currently, the SEC remains silent on these ongoing legal matters. Industry insiders believe this reflects the uncertainty of the U.S. cryptocurrency regulatory environment, which could affect the future development of Ethereum and the landscape of the entire industry.