Progress of Ethereum Spot ETF Approval Smoothly Proceeding according to Gary Gensler
SEC Chairman Gary Gensler appeared at the Bloomberg Investment Summit, stating that the listing process for the Ethereum spot ETF is “progressing well,” but he is unsure of the specific approval time.
The SEC officially approved the 19b-4 form for eight Ethereum spot ETFs on 5/23, and when these products officially start trading, their S-1 registration statement needs to take effect.
Gensler pointed out that, like BTC, related futures products have long been trading on US securities platforms, and continuously amending the details of spot ETF applications, such as 19b-4 and registration statements, is essential for investors. He does not know the exact approval timing, but progress is smooth.
Gensler added that the entire process actually depends on whether the asset management companies can improve information disclosure so that the registration statement can take effect. Whether the approval can proceed smoothly really depends on whether the asset management companies make appropriate information disclosure.
Previously, Bloomberg ETF analyst Eric Balchunas predicted that the Ethereum spot ETF would launch next week, and Gensler also stated at a mid-June hearing that the approval would be completed in the summer.
Gensler unsurprisingly reiterated his concerns about most cryptocurrencies being securities and stated that crypto platforms have failed to comply with its rules. He also criticized that most crypto projects do not have the so-called decentralization.
Regarding the host’s mention of billionaire Mark Cuban’s statement that Biden may lose the presidential election due to the SEC’s strong regulation, Gensler emphasized that he does not discuss elections, and everything he does is just what a securities regulator should do.
