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Home » Gary Gensler says approvals for Spot Ether ETFs will be delayed

Gary Gensler says approvals for Spot Ether ETFs will be delayed

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By admin on 2024-06-05 Regulations Security

Gary Gensler, the Chair of the United States Securities and Exchange Commission (SEC), recently hinted at a possible delay in approving spot Ether (ETH) exchange-traded funds (ETFs) for asset managers. During an interview on CNBC on June 5, Gensler mentioned that the SEC’s approval process for spot Ether ETFs would “take some time,” indicating a potential slow down in signing off on S-1 registration statements. While the SEC had previously approved 19b-4 filings from various companies like VanEck, BlackRock, and Fidelity, the final approvals needed for ETF listing and trading on U.S. exchanges may still be months away.

Gensler also highlighted that cryptocurrency firms were engaging in activities that traditional exchanges were not permitted to do under current laws. This suggests that the SEC’s stance on enforcement actions is unlikely to change during Gensler’s tenure. The SEC has been involved in legal battles with companies like Ripple, Coinbase, Binance, and Kraken, and recently faced consequences when a Utah judge ordered the closure of one of its regional offices and a payment of $1.8 million due to “bad faith conduct” in court.

Despite the potential delay in spot Ether ETF approvals, the SEC has started the process for listing shares on exchanges in the future. The recent approvals for spot Ether ETFs came after the SEC’s historic approval of spot Bitcoin (BTC) ETF applications. While Bloomberg ETF analyst Eric Balchunas had predicted a July 4 launch for spot Ether ETFs, the five SEC commissioners did not need to vote on their approval, as they were greenlighted by the SEC’s Trading and Markets Division. Gensler is expected to remain as SEC chair until 2026, while the future of SEC Commissioner Caroline Crenshaw remains uncertain as her term officially ended on June 5 without a replacement nomination from U.S. President Joe Biden.

In related news, anticipation is growing for the launch of Ether ETFs in June, while Binance France sees the departure of CZ, among other updates in the cryptocurrency world.

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