TL;DR
- Justin Sun, Tron’s CEO, is skeptical about the approval of Ethereum ETFs in May, arguing that there is a need for more long-term regulatory education.
- The SEC announced a delay in the decision on Franklin Templeton’s Ethereum ETF.
- Several companies, such as BlackRock and Fidelity, have applied for ETF issuance, but Bloomberg Intelligence analysts show doubts about their approval due to recent SEC delays.
Tron’s CEO and founder, Justin Sun, has expressed skepticism about the approval of Ethereum exchange-traded funds (ETFs) set to be decided in May. Sun pointed out that ETH needs more extensive and long-term education with regulators before an ETF approval can be expected.
My honest opinion (NFA) is that an Ethereum ETF won't be approved in May. The crypto industry still needs to prepare for a long-term education with regulators, focusing on helping them understand crypto. But we've always been here, haven't we?
— H.E. Justin Sun 孙宇晨 (@justinsuntron) April 28, 2024
Recently, the U.S. Securities and Exchange Commission (SEC) announced a delay in its decision on Franklin Templeton’s Ethereum ETF proposal, extending the deadline until June 11, 2024. The new postponement has raised doubts in the community about the regulator’s decision, although forecasts from various experts are not optimistic.
Several companies, including BlackRock, 21Shares with Ark, Fidelity, Invesco together with Galaxy, Grayscale, VanEck, Hashdex, and Franklin Templeton, have submitted their respective applications to issue the new ETFs. However, Bloomberg Intelligence analysts maintain clear skepticism about the approval of these financial products, especially after the recent SEC delays.
Tron’s CEO Engages in Legal Dispute with the SEC
Sun’s history with the SEC is surrounded by controversies. Currently, the CEO of TRON is being sued for alleged market manipulation and sale of unregistered securities. The U.S. regulator alleges that Justin and several crypto industry entities offered and sold unregistered securities in the form of Tronix (TRX) and BitTorrent (BTT). The agency also claims that Sun extensively traveled to the United States on behalf of the Tron Foundation, the BitTorrent Foundation, and/or Rainberry.
Aside from his legal issues, Justin Sun owns a vast amount of assets, including a sum of $280 million in stablecoins, according to Arkham’s data. Additionally, it was recently revealed that he commissioned the Academy Award-winning music composer and producer Hans Zimmer to compose the TRON anthem.
