The CEO of VanEck, a prominent financial institution, has stated that the U.S. Securities and Exchange Commission (SEC) is likely to reject proposals for Ethereum (ETH) exchange-traded funds (ETFs).

While many finance institutions had their proposals for Bitcoin (BTC) ETFs approved earlier this year, Jan van Eck, the CEO of VanEck, expressed doubt that the regulatory agency will give the green light to ETH ETFs. In an interview with CNBC, van Eck stated, “We were the first to file for Ethereum in the U.S., and we and [Ark Invest CEO] Cathy Wood are likely to be rejected in May… The regulatory process involves the regulators providing comments on your application, and that’s what happened for weeks and weeks before the Bitcoin ETFs. Right now, it seems that the same is happening for Ethereum.”

The SEC approved BTC ETFs in January after years of rejecting them, following a court order to reconsider the applications. ETFs allow traders to gain exposure to an asset without actually purchasing it.

In March, the SEC announced that it needed more time to consider the possibility of an ETF based on Ethereum and would delay its decision by 60 days until May.

However, some crypto firms, including Coinbase, a leading US-based crypto exchange, and Consensys, a blockchain software provider, are urging the SEC to approve ETH ETFs. They argue that Ethereum’s cybersecurity and resilience to fraud are even greater than that of Bitcoin.

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