On June 13, Beijing time, the chairman of the U.S. Securities and Exchange Commission told senators at a budget hearing that the application to run an Ethereum spot ETF should be completed this summer. $ETH
Final approval for an exchange-traded fund (ETF) to trade Ethereum’s ether (ETH) cryptocurrency should be completed this summer, U.S. Securities and Exchange Commission Chairman Gary Gensler told senators at a budget hearing on Thursday.
Gensler told a Senate Appropriations subcommittee hearing that the process is going well after a group of ETFs received preliminary approvals. The agency had previously approved the first round of applications, but he said the final registration requirements - known as S-1 filings - are now being processed at the "staff level."
Once those documents are approved, new ETFs could come to market, opening up a wider market for easily-traded funds that hold actual ether, much like the early days of building bitcoin spot ETFs that hold (BTC).
When asked directly if ETH is a commodity, Gensler did not answer yes or no, maintaining his agency’s undecided stance on the asset. During the same hearing, when asked if it is a commodity, Commodity Futures Trading Commission Chairman Rostin Behnam responded, “Yes.
Although this is different from the market's previous expectation that trading would officially begin at the end of June, CoinLei believes that the first positive response from U.S. SEC Chairman Gensler will still bring vitality to the sluggish crypto market, especially the Ethereum ecosystem.
