Vanguard Group, one of the leading financial advisory firms in the US, is facing criticism for its lack of support for Spot Ethereum ETFs. This decision comes amidst changing regulations and growing interest in digital assets. Just like with Spot Bitcoin ETFs, Vanguard’s stance on Spot Ethereum ETFs has drawn attention and sparked controversy.
Senior ETF analyst Eric Balchunas from Bloomberg took to social media to express his dissatisfaction with Vanguard’s position. In a post, he strongly criticized the company’s decision, referring to it as “silly” and accusing Vanguard of assuming a “Nanny role.”
Balchunas seemed to understand Vanguard’s cautious approach towards Ethereum and Bitcoin ETFs, but he believed it was excessive, despite his criticism. He also noted that Vanguard’s business model sets it apart from other asset managers. The company operates more like a cooperative and is not solely focused on maximizing profits.
Following the SEC’s approval of several issuers’ 19b-4 filings for Spot Ethereum ETFs, Vanguard has made its choice. However, these ETFs are not yet available for trading as the fund issuers’ S-1 registration statements are still pending SEC clearance. Based on the earlier prediction by the Bloomberg analyst, it is anticipated that these products will be launched by July 4, 2024.
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