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Home » Gary Gensler says approval for Spot Ether ETFs will be a gradual process
Gary Gensler says approval for Spot Ether ETFs will be a gradual process
Gary Gensler says approval for Spot Ether ETFs will be a gradual process

Gary Gensler says approval for Spot Ether ETFs will be a gradual process

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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 a potential delay in approving spot Ether (ETH) exchange-traded funds (ETFs) for asset managers on exchanges.

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 possible slow progress in signing off on S-1 registration statements. While the SEC recently approved 19b-4 filings from various asset managers, including VanEck, BlackRock, and Grayscale, the final approvals necessary for listing and trading ETFs on U.S. exchanges could be months away.

Gensler also noted that cryptocurrency firms were engaging in activities that traditional exchanges were not allowed to do under current laws. This suggests that the SEC’s stance on enforcement actions is unlikely to change under Gensler’s leadership. The SEC has initiated lawsuits against companies like Ripple, Coinbase, Binance, and Kraken. Additionally, a regional office of the SEC was closed following a court order to pay $1.8 million due to “bad faith conduct.”

Although Gensler’s comments may imply a slower approval process for spot Ether ETFs, the SEC has already taken steps towards eventually listing shares on exchanges. The recent approvals for spot Ether ETFs came after the SEC’s approval of spot Bitcoin (BTC) ETF applications, a first for the industry. Despite predictions by Bloomberg ETF analyst Eric Balchunas of a July 4 launch date for spot Ether ETFs, no official approval vote from the commissioners was required as they were greenlighted by the SEC’s Trading and Markets Division.

Gensler is expected to continue serving as SEC Chair until 2026, while SEC Commissioner Caroline Crenshaw’s term officially ended on June 5. As of now, U.S. President Joe Biden has not announced whether he will nominate a replacement for Crenshaw or allow her to remain in her position.

In other news, Ether ETFs are anticipated to launch in June, and CZ has departed from Binance France. Stay updated with more news in Hodler’s Digest from May 26 to June 1.

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