SEC Chair Gensler Says Ethereum ETF Approval is Going Smoothly
Speaking at a Bloomberg Invest Summit that took place on Tuesday, SEC Chair “The Honorable” Gensler said that the Ethereum Spot ETF approval is “going smoothly.” The agency chair discussed the impending investment product that received approval in late May, and when they could go live.
TL;DRs
- Gensler noted that he does not know the timing of when the product could launch.
- Experts have predicted the second crypto-based ETF in the country will officially launch in July.
- He also noted that “disclosure and registration,” is all that’s left before the ETFs can launch.
- Gary envisions the process to finish sometime over the course of this summer.
The statements echo similar ones made earlier this month. He discussed the ongoing approval process, and speaking before the US Senate Appropriates Subcommittee on Financial Services, Gensler said “individual issuers still are working through the registration process and that it’s working smoothly.”
The agency is still working with issuers on S-1 filings, which have to be approved before the investment products begin trading.
Of course, Hon.Gary didn’t hold back in sharing his well-established critiques of the digital asset market. He reiterated that the industry often uses non-compliant rails outside of exchange-traded products. Moreover, he still referred to many cryptocurrencies as securities, while saying most Americans do not get the necessary disclosures.
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