Jake Chervinsky: Spot Ethereum ETF approval faces uncertainty due to market volatility and SEC resistance

Jake Chervinsky, Chief Legal Officer of risk fund Variant, expressed doubts about the approval of this year's spot Ethereum ETF. Chervinsky stated that although Bitcoin ETFs have been successful in the past, the U.S. Securities and Exchange Commission (SEC) is facing increasing political pressure and market instability, which could affect their decision-making process. Chervinsky pointed out that the SEC has the ability to resist legal challenges by taking a stance that satisfies political priorities, even if these positions may not fully comply with legal precedents. This strategy, while controversial, can be used to demonstrate the rationality of possibly rejecting a spot ETH ETF.