Locate the Ethereum ETF approval process progressing smoothly

In an interview at the Bloomberg Investment Summit, SEC Chairman Gary Gensler expressed confidence in the approval process for one-time Ethereum ETFs, although he did not provide a specific timeline.

He also declined to comment on how the current administration’s stance on cryptocurrency might influence the upcoming election.

Spot Ethereum ETF approval process running smoothly

Gensler emphasized that the main focus is now on asset managers. He said: “It’s really about asset managers making full disclosure so that these registration statements can be effective.” Despite the ongoing work, Gensler mentioned that the process remains fluid, saying, “I don’t know the timing, but it’s going well.”

Gensler initially suggested that spot Ethereum ETFs would go live in the summer. Last month, the SEC approved Forms 19b-4, paving the way for this investment class. The SEC and issuers are currently working on S-1 filings, which need approval before the products can begin trading. Some expert analysts predict that Ethereum spot ETFs will go live on July 2nd.

In recent days, some asset managers have been revising their applications for these financial vehicles. For example, investment giant BlackRock recently issued amended statements with key details about fees and seed funds. In addition, VanEck, another potential issuer, filed Form 8-A, approaching approval.

Earlier this month, while speaking before the US Senate Financial Services Subcommittee, Gensler discussed Ethereum ETFs and the approval process. There is high anticipation for spot Ethereum ETFs, with some expecting them to replicate the performance seen following the approval of spot Bitcoin ETFs. However, banking giant JPMorgan recently expressed skepticism about this likelihood.

Politics and cryptography

Gary Gensler was also able to comment on the state of crypto and how it relates to the upcoming election. Gensler bluntly replied, “I’m not talking about elections.”

Recently, Mark Cuban, owner of the Dallas Mavericks, said that Trump could win the next election because of the anti-crypto stance of the Biden regime. Cuban even pointedly mentioned that Gensler makes it “almost impossible for legitimate crypto companies to operate.”

However, the SEC chairman sees no need for regulators to improve their already existing laws. He said, “There is nothing inconsistent about cryptographic securities and securities laws.”

The regulator also openly aired its criticism of digital assets. He mentioned the use of non-conforming rails outside ETPs. In several cases, the SEC chief named some cryptocurrencies as securities.

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