Ethereum ETF Approval Still Elusive, Regulatory Hurdles and Political Pressure Cited

Amidst fluctuating expectations for a U.S.-approved Ethereum ETF, analysts cast doubt on its approval due to regulatory hurdles and political pressure. Despite the recent submission of a new Ethereum ETF application by Bitwise, analysts remain pessimistic about its chances, predicting a probability of only 25%.

Ethereum ETF Approval Remains Elusive Amid Regulatory Challenges

Despite initial excitement sparked by analyst James Seyffart's April Fools' Day prediction of a 99% probability for Ethereum ETF approval, experts have cast doubt on the likelihood of such an outcome.

Bloomberg's senior ETF analyst, Eric Balchunas, has downplayed the optimism, stating that the chances remain at a "pessimistic" 25%. Balchunas has even suggested the possibility of reducing this estimate further.

Analysts cite a combination of regulatory hurdles and political pressure as the primary obstacles to Ethereum ETF approval. Last month's SEC delay in its decision on several proposals has further diminished the optimism surrounding an imminent approval.

Jake Chervinsky, a legal analyst, speculates that political considerations may be influencing the SEC's reluctance. Additionally, reports suggest that the SEC is considering classifying Ethereum as a security, a move that would potentially complicate the approval process.

However, BlackRock CEO Larry Fink's recent assertion that a spot Ethereum ETF could be approved even if the cryptocurrency is deemed a security has provided a glimmer of hope. BlackRock, a financial behemoth, filed for an Ethereum ETF based on spot prices in November.

Solana CEO Unveils 'BunkerCoin' in Humorous April Fools' Jest

Amidst the regulatory uncertainties surrounding Ethereum ETFs, Solana Labs CEO Anatoly Yakovenko has injected a touch of humor into the cryptocurrency landscape.

In a tongue-in-cheek move for April Fools' Day, Yakovenko has released a whitepaper for his fictional cryptocurrency, "BunkerCoin."

"If you are into mainstream adoption, pivot to bunkers," Yakovenko quipped on the X social media platform.

According to Yakovenko's satirical whitepaper, BunkerCoin is a "groundbreaking blockchain protocol designed to operate under the constraints of low bandwidth networks." The coin is intended to function via shortwave radio channels.

Yakovenko's creation envisions a novel proof of elapsed time verifiable delay function (VDF) to incentivize miners to confirm blocks and maintain network security.

The proposed consensus mechanism draws inspiration from the Nakamoto-style longest chain rule, where nodes agree on the "definitive" chain based on its length.

While the whitepaper outlines the innovative features of BunkerCoin, it emphasizes that the cryptocurrency is purely a joke. Any purported BunkerCoins appearing after Yakovenko's post are likely scams.