Gary Gensler, the chairman of SEC regulator Gary Gensler said that Spot Ether ETFs should be fully approved by September. Gary Gensler, chairman of the Securities and Exchange Commission (SEC), told Senators at a hearing on the budget that all applications to operate ether ETFs must be complete by September.
The first approval round for Spot Ethereum ETFs was at the beginning of June 2024. The ETH ETF was approved by the SEC in a surprising move for the entire digital asset market. SEC has long been against the approval of crypto-based exchange traded products, despite the popularity of Spot Bitcoin’s ETF after its approval in January. Gensler, on the other hand, stressed the importance of patience in the ongoing process. A more precise timetable was made.
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When will the SEC approve Ether ETFs?
Gensler said that the SEC’s staff will have to finalize the details of the Ether ETF registration before the full approval can be granted. He and the agency have still mixed feelings on Ethereum ETFs as well as cryptocurrency. Gensler re-iterated his concerns about non-compliant cryptocurrency industry during the hearing and continues to refuse to confirm whether ETH is a currency or not. He also argues the CFTC doesn’t have enough resources to monitor crypto markets.
To provide some context, Ethereum-based Exchange-Traded Funds are an investment type that invests in Ethereum as if it were stocks, commodities or cryptocurrencies. ETFs also trade like stocks on stock markets.
After all applications are approved, Spot Ethereum ETFs will be available for trading. ETH prices soared dramatically after receiving the approval news for the first time in May. Ether’s price is 3,476.72 at the time of publication, up almost 18% from 30 days ago. The market believes that Ether will reach new highs once full approval is granted, just like Bitcoin.
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Source: watcher.guru
