U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler stated that the launch of exchange-traded funds (ETFs) tied to the cryptocurrency ether may be on the horizon, and the timing will largely depend on ETF issuers responding to the SEC's questions.
The SEC has already approved applications from major exchanges such as Nasdaq, CBOE, and NYSE to list spot ether ETFs, which was an unexpected development for the cryptocurrency industry.
Before these ETFs can begin trading, the SEC must approve issuers' registration statements detailing disclosures to investors. This process typically involves extensive communication between ETF issuers and SEC officials.
"These registrars are self-motivated to respond to the comments they receive, but it's really up to them how responsive they are," Gensler said, emphasizing the role of issuers at this stage. He declined to predict whether that would take weeks or months.
The SEC's recent approach to ether products was influenced by Grayscale Investments' legal challenge last year. The firm successfully argued that the SEC's previous approval of ETFs linked to bitcoin futures should have led to the approval of spot bitcoin ETFs due to the high correlation between futures and spot prices.
Touching on the similarities between the bitcoin and ether cases, Gensler noted that ethereum futures have been traded since last year and SEC staff has observed correlations similar to those in the bitcoin space.
Following the court's decision in favor of Grayscale, the SEC approved spot bitcoin ETFs in January. At the time, Gensler accepted the court's decision and said he believed approval of these products was "the most sustainable path forward."
Despite these developments, Gensler has maintained a cautious stance on the broader cryptocurrency market, which he continues to view as “riddled with fraud, scams and conflicts.” This sentiment underscores the SEC's ongoing concern about investor protection in the rapidly evolving digital asset space.
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I EXPLAIN IN DETAIL.
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