SEC Chair Gary Gensler Anticipates Approval of Spot ETH ETFs This Summer
In a testimony before the Senate Appropriation Committee, United States Securities and Exchange Commission (SEC) Chair Gary Gensler expressed his expectation that Spot ETH ETFs will be approved sometime this summer.
Responding to Senator Bill Hagerty (R-TN) on the timeline for spot ETH ETF approvals, Gensler stated that he envisions them being approved over the course of the summer.
While acknowledging that individual issuers are still working through the registration process, Gensler claimed that the spot ETH ETF approval process is progressing smoothly.
However, Gensler was cautious about confirming a specific approval date for the much-anticipated ETF, emphasizing that each applicant’s registration statements must have the proper disclosures before becoming effective.
Applicants are currently awaiting a decision on their S-1 forms, which is the final requirement before approval by the federal regulator following the authorization of spot ETH ETF hopefuls’ 19b-4 forms on May 23.
Gensler, known for his regulation-by-enforcement approach to digital assets, maintained his stringent stance while addressing the Senate committee regarding his agency’s federal budget, highlighting the industry’s failure to serve the public well.
In particular, he criticized the co-mingling of financial activity at exchanges in the digital asset sector, accusing intermediaries of prioritizing their interests over those of their customers.
Despite the regulator’s scrutiny of the blockchain industry, exchange-traded products rooted in crypto continue to undergo the federal agency’s authorization process.
