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Home » Gary Gensler anticipates that approval for Spot Ether ETFs will be delayed

Gary Gensler anticipates that approval 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), has hinted at potential delays in approving spot Ether (ETH) exchange-traded funds (ETFs) offered by asset managers on exchanges.

During an interview on CNBC on June 5, Gensler mentioned that the SEC’s approval process for spot Ether (ETH) ETFs will “take some time,” indicating that the commission may take its time in approving S-1 registration statements. While the SEC recently approved 19b-4 filings from various companies like VanEck, BlackRock, and Fidelity, final approvals for listing and trading ETFs on U.S. exchanges could be a lengthy process.

Gensler also noted that cryptocurrency firms were engaging in activities that traditional exchanges are 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 initiated lawsuits against Ripple, Coinbase, Binance, and Kraken, although it faced setbacks after 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 of eventually listing shares on exchanges. The approval of spot Ether ETF 19b-4 filings follows the SEC’s approval of several spot Bitcoin (BTC) ETF applications, a milestone in the industry. Prior to Gensler’s remarks, Bloomberg ETF analyst Eric Balchunas had predicted a July 4 launch date for spot Ether ETFs.

Unlike spot Bitcoin ETFs, the approval of spot Ether ETFs did not undergo a vote by the five commissioners but were instead greenlighted by the SEC’s Trading and Markets Division. Gensler is expected to continue serving as SEC chair until 2026, while the term of SEC Commissioner Caroline Crenshaw officially ended on June 5. As of now, U.S. President Joe Biden has not announced whether he will nominate a replacement or retain Crenshaw.

In related news, the arrival of Ether ETFs is anticipated in June, while CZ departs Binance France, among other updates in Hodler’s Digest from May 26 to June 1.

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