In favor of Ethereum ETF, SEC Chair Gensler
US Securities and Exchange Commission Chair Gary Gensler said the Spot Ethereum ETF clearance process is going well. Gensler voiced hope for the July launch of the new investment product at the Bloomberg Invest Summit. This is a major milestone for the cryptocurrency sector as Ethereum prepares to follow Bitcoin.
The Spot Ethereum ETF clearance process is going well, Gensler said. He repeated assertions made earlier this month before the US Senate Appropriations Subcommittee on Financial Services that "the registration process is working smoothly."
SEC is actively working with issuers on S-1 disclosures, a requirement for ETF trading. “I envision sometime over the course of this summer,” Gensler said, suggesting a debut date within months.
The SEC prioritizes compliance and openness. Gensler stressed “disclosure and registration,” indicating that these processes are essential for ETF clearance.
Several Ethereum ETF issuers are rushing to fulfill SEC criteria. VanEck has modified its S-1 filings to include seed funding and fees. VanEck announced a 0.20% fee that would be delayed until 2025, making the ETF free at launch. This strategy seeks to recruit investors and develop a strong market position early on.
A July launch is being considered by several issuers who are finishing their files. These businesses' progress underscores industry expectation of the SEC's clearance, which might spur Ethereum investment.
The cryptocurrency market is affected by Spot Ethereum ETF approval. Bitcoin prices reached an all-time high of $73,000 three months after Bitcoin ETFs launched earlier this year, setting a precedent. Experts say Ethereum ETFs may not draw as much investment as Bitcoin, but the potential is high.
Gensler addressed the digital asset market's issues. He chastised the sector for non-compliance and transparency violations. Gensler called several cryptocurrencies securities and called for further regulation to safeguard investors.
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