JPMorgan says not to bet on SEC approved Ethereum ETFs

The global investment bank has issued an update in which it stayed enthusiasm for crypto markets, expecting a downturn and reluctance from SEC to approve an Ethereum ETF

JPMorgan said that the US Securities and Exchange Commission (SEC) is still not a shoo-in when it comes to backing an Ethereum exchange-traded fund, which is already tied to a lot of speculation on secondary betting markets as investors are actually gambling on the likelihood of the regulator giving an Ethereum ETF the greenlight by the end of May.

JPMorgan further expects the crypto market to experience a loss of value, which is now further compounded by the geopolitical crisis involving Israel and a fresh attack with hundreds of rockets and drones from Iran, which already depressed Bitcoin prices by 8%.

The report noted that it would be unrealistic for bitcoin to match gold’s significance in investor portfolios. The recent drop of the crypto currency caused by the geopolitical turmoil is proof enough. JPMorgan also said that following the SEC investigation of the Ethereum Foundation, it’s not very likely to see the ETF decision made by the end of the month.

The specific date cited by secondary betting markets is May 23. To add insult to injury, reports have emerged that SEC may actually try to class Ethereum as a security, which will introduce face challenges. However, this is not to say that Ethereum ETFs are not coming – they are, JPMorgan would like to believe, but the exact date is still a moving target.

There is also a growing demand from lawmakers in the United States, appealing to the SEC to clarify once and for all whether Ethereum is indeed a security or a commodity. In the meantime, JPMorgan’s own bet on an Ethereum ETF places the odds at 50%, or a flip of the coin.

Looking for your next crypto casino? Check out Mega Dice or FortuneJack!

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.

Similar News