U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler appeared at an investment summit held by Bloomberg and said that the listing process of the Ethereum spot ETF was "progressing smoothly", but he was not sure about the specific approval time.

Gary Gensler: Approval key lies with publishers

The SEC officially approved Form 19b-4 for eight Ethereum spot ETFs on May 23, and before these products can be officially traded, their S-1 registration statements need to be effective.

Gensler points out:

ETH is the same as BTC. Related futures products have long been traded on U.S. securities platforms, and the application details of spot ETFs are constantly revised, namely 19b-4, registration statements and other documents. These information disclosures are crucial to investors. I don’t know. Exact timing of approval, but it's going well.

Gensler added that the whole process is actually whether these asset management companies can improve the information disclosure so that the registration statement can be effective. SEC department personnel have handled hundreds of similar cases in the past. Whether the approval can go smoothly really depends on the information. Check whether the company makes appropriate disclosures.

As previously reported, Bloomberg ETF analyst Eric Balchunas predicted that an Ethereum spot ETF would be launched next week, and Gensler also said at a hearing in mid-June that approval would be completed by the summer.

(SEC Gary Gensler: Ethereum spot ETF will be approved this summer)

Gary Gensler reiterates that the encryption industry violates laws and regulations

Gensler unsurprisingly reiterated his concerns that most cryptocurrencies are securities and said crypto platforms failed to comply with their rules.

He also denounced that most encryption projects do not have the so-called decentralization:

There are 20,000 different tokens in the market, they are offered in the form of investment contracts, and the American public is not properly disclosed, and in the intermediary market of the crypto industry, those so-called exchanges have hundreds of products on their platforms, Please think about it, which of these products (encryption projects) do not have a group of entrepreneurs involved?

When the host mentioned that billionaire Mark Cuban once said that Biden is likely to lose the presidential election because of the strong supervision of the SEC, Gensler emphasized that he does not talk about the election and that everything he does is just what he should do as a securities regulator. matter.

(Mark Cuban said cryptocurrency is a key issue in the US election: Biden may lose the election because of the SEC)

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