Vanguard Group, one of the leading American financial advisory firms, is facing criticism for its lack of support for Spot Ethereum ETFs. This decision comes amidst regulatory changes and a growing interest in digital assets. Previously, the company took a similar stance on Spot Bitcoin ETFs.
Eric Balchunas, a senior ETF analyst at Bloomberg, expressed his dissatisfaction with Vanguard’s position on Spot Ethereum ETFs in a post on social media. He strongly criticized the company, calling its actions “silly” and accusing it of taking on a “Nanny role”.
While Balchunas acknowledged Vanguard’s cautious approach towards Ethereum and Bitcoin ETFs, he believed it was excessive and criticized the company for not trusting its investors, whom he referred to as “the smartest money on the planet”. He also highlighted that Vanguard operates differently from other asset managers, as it is structured more like a cooperative and is not solely focused on making profits.
After the Securities and Exchange Commission (SEC) approved several issuers’ 19b-4 filings for Spot Ethereum ETFs, Vanguard has made its decision. However, these exchange-traded funds are not yet available for trading, as the fund issuers’ S-1 registration statements are still awaiting SEC clearance. According to Balchunas’ earlier prediction, it is expected that these products will be launched by July 4, 2024.
In other crypto news today, the price of Solana (SOL) is facing downward pressure. Details and analysis can be found in the attached images.