Max Keiser, a well-known Bitcoin advocate and advisor to El Salvador's president, has raised concerns about the possibility of an Ethereum ETF. Keiser, an outspoken supporter of Bitcoin and a critic of other digital currencies, has dismissed Ethereum, labeling it a "proof-of-stake scam" and arguing that it does not meet the U.S. Securities and Exchange Commission's (SEC) approval criteria.

Keiser's opinions are shared by others in the industry, such as VanEck and CoinShares, who question the likelihood of an Ethereum ETF receiving SEC approval. VanEck's CEO anticipates the ETF's rejection, stating that the SEC seldom offers helpful feedback on proposals. Similarly, the head of CoinShares is pessimistic about the prospects of Ethereum ETF approval this year, if at all.

Keiser's recent support for the SEC in the ongoing court dispute between the SEC and Coinbase further highlights his stance. Keiser has stated that all altcoins, including ether and ripple, are "unregistered securities," aligning with the SEC's classification. This comment follows a court decision dismissing Coinbase's request to dismiss a lawsuit filed by the SEC against the company for trading unregistered securities.

The crypto community is eagerly awaiting the approval of a spot Ethereum ETF, but market speculation about the regulator's decision is rife. The SEC has not yet disclosed its position on the matter, making it difficult to obtain clear information.

Meanwhile, rumors of potential litigation from the SEC if an Ethereum ETF is not launched in May have sparked speculation. These legal measures, it is said, may force the SEC to reconsider its stance on Ethereum ETFs. However, with industry heavyweights like Max Keiser expressing skepticism and facing regulatory uncertainty, the approval path remains unclear.

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 is drawing more regulatory scrutiny to altcoins, with the agency alleging the trading of unregistered securities.