Market sources reveal that Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), is expected to approve the S-1 registration statement for the Ethereum spot ETF at some point this summer.
(Viewpoint: How Much Will the Approval of the Ethereum Spot ETF by the SEC Impact the Cryptocurrency Market?)
(Background: Gary Gensler Throws the Pot: When the Ethereum Spot ETF Will Be Listed Depends on the Issuer, Not the SEC)
SEC Chairman: Ethereum Spot ETF S-1 Document to Be Approved This Summer
Gary Gensler Unwilling to State Whether ETH is a Security
Believes CFTC Regulatory Capabilities Are Inferior to SEC
Bloomberg Analyst: Expected Approval on 7/4 May Be Delayed
After officially approving the Bitcoin spot ETF for trading in January of this year, the U.S. Securities and Exchange Commission (SEC) approved changes to the 19b-4 trading rules for 8 Ethereum spot ETFs on May 24. The market is currently paying close attention to when another crucial S-1 registration statement will be approved by the SEC.
SEC Chairman: Ethereum Spot ETF S-1 Document to Be Approved This Summer
It is worth noting that Fox reporter Eleanor Terrett stated last night that, during a discussion with Senator Bill Hagerty about when the S-1 document would be approved, Gensler said, “My vision is at some point this summer…”
In response, Hagerty stated, “If you are telling me that these applications will be approved before the end of the summer, I appreciate that.”
Gary Gensler Unwilling to State Whether ETH is a Security
Additionally, although the 19b-4 for the Ethereum spot ETF has been approved, when asked last night at a budget hearing about whether Ethereum is classified as a commodity, SEC Chairman Gary Gensler still did not give a clear answer and instead maintained the SEC’s longstanding uncertainty on the issue.
Since another regulatory body, the Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam, had already provided a clear answer on this matter, Senator Durbin asked Gensler whether he believes the CFTC has enough resources to regulate cryptocurrencies. Gensler responded that the CFTC’s regulatory capabilities in this area are not as strong as the SEC’s.
Finally, when Senator Hagerty reminded and urged Gensler to pay attention to the regulatory clarity of the crypto industry and pointed out that the SEC still faces many uncertainties and lacks clarity in regulation, Gensler rebutted this.
Regarding Eleanor Terrett’s report, Bloomberg analyst Eric Balchunas, who has always closely followed ETF developments, responded late last night:
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