According to The Block, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said at the Bloomberg Investment Summit in New York on Tuesday that although the specific time was unclear, the approval process for the Ethereum spot ETF was “progressing smoothly.”
Zombit previously reported that the SEC had approved 19b-4 filings for eight Ethereum ETFs last month, but issuers still need to wait until the registration statement (called S-1s filing) is approved before they can be launched to investors on the stock exchange. .
Gary Gensler said that the key to affecting the approval time is that asset management companies must fully disclose information so that these registration statements can be effective.
"All of us in Corporate Finance have dealt with this situation hundreds, if not thousands, of times in our careers and it has run smoothly. So the approval time really depends on whether the asset manager makes the appropriate disclosures."
Meanwhile, Gary Gensler reiterated his concerns on Tuesday that most cryptocurrencies are securities and said cryptocurrency platforms are not following their rules and not providing the U.S. public with the proper disclosures required by law.
The battle for the US presidential election is in full swing. Billionaire Mark Cuban previously accused SEC Chairman Gary Gensler of being a war criminal in Biden's defeat. In response to this matter, Gary Gensler only responded:
"I don't talk about elections."
This article SEC Chairman Says Ethereum ETF Is on Progress, Reiterates Time for Approval Depends on Issuer appeared first on Zombit.