United States Securities and Exchange Commission (SEC) Chairman Gary Gensler, speaking during a budget hearing with United States Senator Bill Hagerty, expressed his expectation that the S-1 applications for spot Ethereum exchange-traded funds (ETFs) could potentially receive approval later this summer.
According to a post on social media platform X by FOX News Business reporter Eleanor Terrett, Chairman Gensler highlighted that he envisions the approval “sometime over the course of this summer.”
Furthermore, Gary Gensler informed a subcommittee of the Senate Appropriations Committee during a hearing discussing the market regulator’s budget that the process is progressing smoothly following the initial approval of a group of ETFs.
Clarifying on details here: Gensler said “over the course of this summer” and Hagerty said “by the end of the summer.”
Gensler: “I would envision sometime over the course of this summer…”
Hagerty: “If you’re indicating to me that those applications will be approved by the end… https://t.co/zJiI3reNZT
— Eleanor Terrett (@EleanorTerrett) June 13, 2024
Industry Leaders Anticipate Ethereum ETF Trading To Begin Before November
In May, the SEC granted approval to eight spot Ethereum ETFs from asset management companies such as VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise for listing. However, issuers are still awaiting SEC effectiveness on the S-1 registrations, which encompass disclosing proposed fee structures of the funds, among other details, before the ETFs can officially launch.
Industry leaders forecasted that following approvals, trading could commence sometime between July and August and potentially before November.
Once those filings receive approval, the new ETFs can be listed, thereby expanding access for investors to easily tradable funds that are backed by actual ETH, similar to the previous establishment of spot Bitcoin ETFs backed by BTC.
As of the writing time, Ethereum is traded at $3,445, marking a decline of more than 5% over the past 24-hour period, based on CoinMarketCap data. Following the announcement in May, the cryptocurrency saw a slight increase before experiencing subsequent volatility. Analysts from Singapore-based cryptocurrency trading firm QCP Capital earlier forecasted that upon approval of spot Ethereum ETFs, ETH’s price could potentially outperform that of Bitcoin.
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