Market reports suggest that Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), is expected to approve the S-1 registration statement for an Ethereum spot ETF sometime this summer.
SEC Chairman: Ethereum Spot ETF S-1 Document to be Approved this Summer
Gary Gensler Declines to State Whether ETH is a Security
Believes CFTC Regulatory Abilities are Inferior to SEC
Bloomberg Analyst: Expected Approval on 7/4 may be Delayed
After officially approving a Bitcoin spot ETF for trading in January of this year, the U.S. Securities and Exchange Commission (SEC) further approved 8 Ethereum spot ETFs’ 19b-4 rule change documents on May 24th. 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
Notably, Fox reporter Eleanor Terrett mentioned last night that during a discussion with Senator Bill Hagerty regarding when the S-1 document will be approved, Gensler mentioned, “My expectation is at some point this summer…”
In response, Hagerty stated, “If you’re telling me that these applications will be approved before the end of the summer, I appreciate that.”
Gary Gensler Declines to State Whether ETH is a Security
Furthermore, although the 19b-4 for the Ethereum spot ETF has been approved, when asked whether Ethereum is classified as a commodity during a budget hearing last night, SEC Chairman Gary Gensler did not provide a clear answer, instead maintaining the SEC’s longstanding uncertainty on the matter.
Since another regulatory body, the Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam had already given a clear answer to this question previously:
Therefore, when Senator Durbin asked Gensler if he believes the CFTC has enough resources to regulate cryptocurrencies, Gensler responded that the CFTC’s regulatory abilities in this area are not as strong as the SEC’s.
Finally, when Senator Hagerty reminded and urged Gensler to focus on regulatory clarity in the cryptocurrency industry, pointing out the many uncertainties and lack of clarity in SEC regulations, Gensler still refuted this.
In response to Eleanor Terrett’s report, Bloomberg analyst Eric Balchunas, who always closely follows ETF dynamics, also responded late at midnight today:
