During an interview with CoinDesk TV's Jen Sanasie, Jan Van Eck, CEO of VanEck, suggested that the lack of response from the SEC indicates that Ethereum exchange-traded funds (ETFs) are unlikely to meet the May deadline.

VanEck, renowned for its Bitcoin Trust (HODL) and a participant in nearly a dozen spot bitcoin ETFs, believes that the cryptocurrency industry should divert attention from Bitcoin (BTC) and Ethereum (ETH) and instead prioritize discussions on transaction fees and emerging blockchain technologies.

Van Eck expressed concerns over the unpredictability of transaction fees on the Bitcoin and Ethereum networks, citing challenges for developers aiming to build applications within these ecosystems. He emphasized the significance of affordable transaction costs offered by platforms like Solana and layer 2 solutions, which enable scalability and predictability in transaction fees.

Drawing a comparison for non-crypto enthusiasts, Van Eck likened high gas fees on Ethereum to fluctuating fuel prices, emphasizing the impracticality of building on a platform with such volatile costs.

Solana, often dubbed an Ethereum competitor, offers cheaper transaction fees and faster processing speeds. Additionally, layer 2 solutions, such as Ethereum rollups and the Lightning network for Bitcoin, aim to mitigate scaling issues and enhance transaction efficiency.

With the advent of solutions offering lower and more predictable transaction fees, Van Eck foresees a surge in the development of practical applications within the cryptocurrency space. He predicts that databases capable of scaling and maintaining high uptime with predictable costs will pave the way for significant advancements in the sector.

Furthermore, Van Eck expressed skepticism about the approval of ether ETFs by the May deadline, citing the SEC's lack of responsiveness to filings from prospective issuers. He highlighted the necessity of having disclosure documents in order for the approval process to progress.

As the cryptocurrency landscape evolves, Van Eck's insights underscore the importance of transaction fees and emerging blockchain technologies in driving innovation and adoption within the industry.