Gary Gensler Progress on Ethereum Spot ETF Approval Proceeding Smoothly

SEC Chairman Gary Gensler appeared at the Bloomberg investment summit and stated that the listing process for Ethereum spot ETF is “progressing smoothly,” but he is not sure about the specific approval time.
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Gary Gensler: The key to approval lies with the issuer
Gary Gensler reiterates illegal activities in the crypto industry
Gary Gensler: The key to approval lies with the issuer
On 5/23, the SEC officially approved the 19b-4 form for eight Ethereum spot ETFs, and when these products officially start trading, their S-1 registration statement needs to be effective.
In response, Gensler pointed out:
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ETH, like BTC, has related futures products that have long been traded on securities platforms in the United States. Continuously amending the details of spot ETF applications, such as 19b-4, registration statements, and other documents, is crucial for investors. I do not know the exact approval timing, but progress is smooth.
Gensler added that the entire process is actually about whether these asset management companies can improve information disclosure so that the registration statement can take effect. The approval depends on whether the asset management company makes appropriate information disclosure, and SEC department staff have dealt with similar cases hundreds of times in the past. Whether the approval can proceed smoothly really depends on whether the asset management company makes appropriate information disclosure.
Earlier reports stated that Bloomberg ETF analyst Eric Balchunas predicted that the Ethereum spot ETF would be launched next week, and Gensler also mentioned at a mid-June hearing that the approval would be completed in the summer.
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SEC Gary Gensler: Ethereum spot ETF to be approved this summer
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Gary Gensler reiterates illegal activities in the crypto industry
Gensler unsurprisingly reiterated his concerns about most cryptocurrencies being securities and stated that crypto platforms have failed to comply with their rules.
He also condemned that most crypto projects do not have the so-called decentralization:
There are 20,000 different tokens in the market, provided in the form of investment contracts, and the American public has not received proper information disclosure. In the intermediary market of the crypto industry, there are hundreds of products on these so-called exchanges. Please think about which of these products (crypto projects) have not been intervened by a group of entrepreneurs?
Regarding the host’s mention that billionaire Mark Cuban had said that Biden might lose the presidential election because of the SEC’s strong regulation, Gensler emphasized that he does not talk about elections, and everything he does is just what a securities regulator should do.
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Mark Cuban says cryptocurrency is a key issue in the US election: Biden may lose the election because of the SEC
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Ethereum spot ETF
U.S. Securities and Exchange Commission


Further reading
Ethereum spot ETF issuer submits amended documents, VanEck and Franklin are the first to disclose management fees
SEC Gary Gensler: Ethereum spot ETF to be approved this summer