SEC Chairman predicts: Ethereum ETF will be listed in summer, crypto market welcomes major positive news
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), revealed at a hearing on Thursday that the highly anticipated Ethereum exchange-traded fund (ETF) is expected to receive final approval this summer. This marks a major step forward for Ethereum, the world's second largest digital currency, to enter the traditional financial market.
Major positive news: Ethereum ETF will be listed
Gensler: Ethereum ETF registration is progressing smoothly and is expected to be listed in summer
Last month, the SEC approved the relevant 19b-4 application, and the S-1 registration form is pending approval
Industry experts predict that Ethereum ETF may start trading before November
The launch of the Ethereum ETF has attracted much attention from the market, and many institutions and banks have adjusted their price forecasts, believing that this will drive up the price of Ethereum. Currently, Ethereum is trading at $3,500 per coin, but it is expected that with the listing of the ETF, its price may exceed $5,000 and reach $10,000 by the end of the year or next year.
Market reaction: Cryptocurrency is generally optimistic
Ethereum is regarded as a commodity, and the industry generally believes that the SEC will approve it as a single asset ETF
CFTC Chairman Rostin Behnam also made it clear that Ethereum is a commodity and should be regulated by the agency
Although the market is generally optimistic about the launch of the Ethereum ETF, Gensler did not clarify the classification of Ethereum when answering inquiries. He said that the SEC only "partially" approved the spot Ethereum ETF, and the specific classification still needs further discussion.
However, this did not affect the market's expectations for the Ethereum ETF. With the direction of the Fed's policy and the volatility of the cryptocurrency market, the listing of the Ethereum ETF will provide investors with more diversified investment options and is expected to promote the prosperity of the entire cryptocurrency market.