$ETH #Ethereum We are about 3 hours away from the expected time of the US SEC's decision on Ethereum ETF spot applications - if we focus on the time of the announcement of the decision on Bitcoin ETF spot applications in January.
X (Twitter) is waiting for signals from SEC head Gary Gensler - whether he will start warning about the dangers of investing in cryptocurrencies. If he starts - then there will be an endorsement. Again, as was the case with the Bitcoin ETF.
Gensler isn't sending any such signals yet and time is getting short. But he makes other statements about his work. Most likely in the context of the “21st Century Financial Innovation and Technology Act” passed overnight by the House of Representatives. Which curtails its authority over the crypto market. Gensler said the SEC has done a “good job” on court cases involving the crypto industry.
Other quotes from him from his statements are cited by #TheBlock:
- “The crypto markets are full of fraud, crypto companies are not complying with U.S. securities laws while serving citizens”
- “Most crypto-tokens meet the classic Supreme Court test for what constitutes security. But not all do.”
- “The SEC has the authority to protect crypto investors. We have the legal tools, but we need more resources”
That said, the SEC chief did not comment in any way on plans for an Ethereum ETF. He called to “keep an eye on the news”.
Meanwhile, 5 members of the U.S. House of Representatives sent a letter to SEC head Gary Gensler urging him to approve a spot Ethereum ETF, as the instrument would offer investors access to the cryptocurrency “in a regulated, transparent and secure format.”
Analysts at #10xResearch give a 90% probability that the SEC will approve spot Ethereum ETFs as early as today.