U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler suggested to lawmakers that the regulator could approve final approvals for the listing and spot trading of Ether shares Three-month ETHUSD exchange-traded fund.
During a June 13 hearing of the Senate Banking Committee discussing U.S. President Joe Biden's 2025 budget requests to the SEC, Gensler said he expected the committee to approve the post report sign S-1s for asset managers “sometime this summer.” On May 23, the SEC approved 19b-4 filings from eight companies, but the application requires S-1 approval before the ETF can begin trading on US exchanges.
Tennessee Senator Bill Hagerty questioned Gensler about why the commission has not “fully approved Ether ETFs,” claiming that the SEC chairman does not prioritize a “constructive set of rules for cryptocurrency industry”. Although Commodity Futures Trading Commission Chairman Rostin Behmam said Ether is a commodity in response to Senator Hagerty, Gensler did not directly answer the question but pivoted to the Ether ETF.
“The Ethereum exchange-traded product consists of filings that came before us from the stock exchanges — I think there were eight or nine of them — all of which were generally approved,” Gensler said. “Individual issuers are still processing the application process smoothly and I imagine that sometime this summer….”
The final Ether ETF approval process could take several weeks
The SEC chairman said in a June 5 interview that final approval of the Ether ETF will “take some time” after approval of the 19b-4 filing. Bloomberg ETF analyst Eric Balchunas thinks a June launch of Ether products on US exchanges is possible but predicts final SEC approval before July 4.
“July was and is a complete prediction,” said ETF on X analyst James Seyffart. “But I'm more confident in saying that the ETH ETF will launch at some point this summer. It's an obvious thing.”
#TopCoinsJune2024 #binance #ETHETFsApproved #ETFApproval2024 #ETH
