April 19, 2024
Gensler Silent on Ether ETF Decision
Latest Cryptocurrency News

Gensler Silent on Ether ETF Decision

During his CNBC Squawk Box interview on February 14, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler remained tight-lipped about spot Ether exchange-traded funds (ETFs). When questioned about a potential decision timeline, Gensler merely stated that the process would mirror that of Bitcoin ETFs, providing no insights into the current status or a potential timeframe.

The SEC deferred its decision on the Invesco Galaxy Ether ETF on February 6, extending a trend seen with the agency’s delay of Invesco’s ETF application in December. Additionally, decisions on Ethereum ETF applications from major players such as Grayscale, Fidelity, and BlackRock have been postponed by the SEC. Other firms seeking ETF approvals include VanEck and Hashdex.

On February 12, Franklin Templeton, a $1.5 trillion asset management giant, submitted an S1 filing for a spot Ether ETF, signaling an intention to stake a portion of the ETF’s Ether for additional passive income, akin to ARK 21Shares’ revised filing.

Critical decision dates loom for various Ether ETF applications: VanEck by May 23, ARK 21Shares by May 24, Hashdex by May 30, Grayscale by June 18, and Invesco by July 5. Fidelity and BlackRock’s applications face decisions by August 3 and August 7, respectively.

Bloomberg ETF analyst James Seyffart anticipates a simultaneous decision on all outstanding Ether ETF applications by May 23, aligning with how the SEC approved all spot Bitcoin ETFs on January 10. However, Bloomberg ETF analyst Eric Balchunes recently reduced the likelihood of a spot Ether ETF approval in 2024 from 70% to 60%, as indicated in a January 31 X post.

“If Gensler really wants to – he can kick the can down the road. There was no more can-kicking for Bitcoin [ETF applications].”

Shifting focus to Bitcoin ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) achieved a significant milestone on February 13 by amassing 105,280 BTC under management, making it the first spot Bitcoin ETF in the United States to surpass the 100,000 BTC mark.

The regulatory landscape for cryptocurrency ETFs remains dynamic, with market participants closely monitoring SEC decisions and anticipating potential breakthroughs in the approval of spot Ether ETFs. The evolving ETF landscape reflects the growing interest of traditional financial institutions in the cryptocurrency market.

Image by wirestock on Freepik

Related posts

Bank of Spain Collaborates on CBDC Testing

Kevin Wilson

Bitcoin’s Price Rollercoaster

Robert Paul

Web3 Games Ready to Level Up: Millions of Players Expected in 2024

Christian Green

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More