The recent approval of Bitcoin [BTC] The focus has now shifted from ETFs to the possibility of an Ethereum [ETH] ETF.
The market is speculating on a possible timeline for ETH ETFs, but unlike their counterpart, there’s no clear path to approval.
SEC chair Gary Gensler, who is the SEC’s chairman, has not given any indication that the commission will be approving a spot Ether exchange-traded fund anytime soon.
A recent interview with Yahoo FinanceGensler chose not to answer the question directly, choosing instead to avoid prejudging any filings.
He made a note.
“I don’t want to prejudge anyone filing, and as you said, there are ten filings in front of us.”
He added:
“So, news alert, I’m not going to prejudge that. But to your question, we look at the facts and circumstances and that which was in front of us.”
Will the ETH ETF be validated in a similar way?
While the world waits for the approval and launch of the Ethereum ETF, BlackRock and Fidelity already compete to secure a market share.
Bloomberg’s Senior Analyst Eric Balchunas warns against optimism, despite Grayscale’s success in the past with the SEC.
“Normally I’d say this was good sign but as far as I know the Staff has not given any comments yet to the issuers, which is not a good sign as we past when they gave comments on btc ETFs.”
Gensler’s disapproval for the crypto industry, despite playing a role in the recent Bitcoin ETF voting, was clear.
ETFs and the Future
Gensler criticised the crypto-industry for its widespread fraud, and cited recent bankruptcy cases as proof.
He accused intermediaries of not disclosing their practices, and compared them to actions that would be prohibited on traditional stock markets.
Some speculate that the approval of an ETH ETF could pave the way for a wider acceptance of crypto ETFs.
Gensler’s egregious silence about the SEC’s position suggests that a complex approval procedure is ahead. Investors and market participants are left in suspense.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
Source: ambcrypto.com
