Spot Ethereum ETF Approval Process Progressing Smoothly

In an interview at the Bloomberg Investment Summit, SEC Chairman Gary Gensler expressed confidence in the approval process for Ethereum ETFs, though he did not provide a specific timeline.

He also declined to comment on how the current administration’s stance on cryptocurrencies might affect the upcoming elections.

The Spot Ethereum ETF approval process is running smoothly

Gensler Highlights Gensler said the main focus now is on asset managers. “It’s really about asset managers making full disclosure so that this registration data can be effective,” he said. Despite the work in progress, Gensler said the process is still smooth, saying: “I don’t know the timing, but it’s going smoothly.”

Initially, Gensler suggested that Ethereum ETFs would go live in the summer. Last month, the Securities and Exchange Commission approved 19b-4 forms, paving the way for this investment class. Currently, the SEC and issuers are working on S-1 filings, which need approval before products can begin trading. Some expert analysts expect spot ETFs to launch on July 2.

In recent days, some asset managers have revised their applications for these financial instruments. For example, investment giant BlackRock recently released revised statements containing key details about fees and initial funds. In addition, VanEck, another potential issuer, has filed a Form 8-A, moving closer to approval.

Earlier this month, while speaking before the US Senate Appropriations Subcommittee on Financial Services, Gensler discussed Ethereum ETFs and the approval process. There are high expectations for Ethereum ETFs, with some expecting them to repeat the performance seen after the approval of Bitcoin ETFs. However, banking giant JPMorgan recently expressed doubts about this possibility.

Policy and cryptography

Gary Gensler was also allowed to comment on the state of cryptocurrencies and their relationship to the upcoming elections. Gensler She replied Honestly: “I’m not talking about elections.”

Recently, Mark Cuban, owner of the Dallas Mavericks, said that Trump may win the upcoming election due to the anti-crypto stance of the Biden regime. Cuban even explicitly stated that Gensler is making it “almost impossible for legitimate cryptocurrency companies to operate.”

However, the SEC chairman does not see a need for regulators to improve their current laws. “There is nothing conflicting between crypto securities and securities laws,” he said.

The regulatory body has also aired its criticism of digital assets publicly. He mentioned the use of non-compliant rails outside of exchange-traded products. In several cases, the head of the SEC has described certain cryptocurrencies as securities.