Max Keiser, a well-known Bitcoin advocate and advisor to the El Salvadoran president, has expressed his doubts about the likelihood of an Ethereum ETF approval, labeling it a "proof-of-stake scam," according to a recent interview.

Keiser, a prominent Bitcoin supporter and critic of other digital currencies, has dismissed Ethereum, stating that it is unsuitable for approval by the U.S. Securities and Exchange Commission (SEC). His skepticism mirrors that of other industry leaders, such as VanEck and CoinShares, who have also expressed doubts about the likelihood of an Ethereum ETF being approved by the SEC.

Keiser's recent endorsement of the SEC in the ongoing lawsuit between the SEC and Coinbase further highlights his position. Keiser has stated that all altcoins, including Ethereum and Ripple, are "unregistered securities," aligning with the SEC's classification. This statement comes after a court decision to dismiss Coinbase's request to dismiss a lawsuit filed by the SEC against the company for participating in the trading of unregistered securities.

The Crypto Community Awaits Ethereum ETF Approval

The crypto community is eagerly awaiting the approval of a spot Ethereum Exchange-Traded Fund (ETF), and experts have been debating the regulator's decision. Initially expected in May, the approval timeline has since been pushed back, with the SEC remaining tight-lipped on the matter.

In recent news, JP Morgan has hinted at potential litigation from the SEC if an Ethereum ETF is not approved by May. This speculation suggests that such legal measures may force the SEC to reconsider its position on Ethereum ETFs. However, with skepticism from industry leaders like Max Keiser and ongoing regulatory uncertainty, the approval path remains unclear.

Max Keiser Backs SEC's Cautious Approach to Ethereum ETF

Max Keiser's dismissal of Ethereum as a "proof-of-stake scam" supports the SEC's anticipated hesitation to approve an Ethereum ETF. Furthermore, the ongoing legal battle between the SEC and Coinbase has drawn more regulatory attention to altcoins, with the SEC alleging that trading unregistered securities is taking place.

In summary, Max Keiser's recent comments reflect the skepticism of other industry leaders regarding the likelihood of an Ethereum ETF being approved by the SEC. With the ongoing legal battle between the SEC and Coinbase and the regulator's cautious approach to digital assets, the approval path for an Ethereum ETF remains uncertain.