July 24, 2024
SEC Chair Expects Spot Ether ETF Approvals by Summer 2024
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SEC Chair Expects Spot Ether ETF Approvals by Summer 2024

SEC Chair Gary Gensler indicated to lawmakers the potential approval timeline for listing and trading spot Ether (ETH) exchange-traded funds (ETFs). In a Senate Banking Committee hearing on June 13 regarding President Joe Biden’s SEC budget requests for 2025, Gensler mentioned that final approvals for S-1 registration statements from asset managers could come within three months.

Gary Gensler addressing Senate Banking Committee on June 13. Source: U.S. Senate

Progress and Challenges in the Ether ETF Approval Process

SEC Chair Gensler highlighted the SEC’s recent approval of 19b-4 filings from eight companies on May 23. However, the ETF applications are contingent upon receiving S-1 approvals before they can commence trading on U.S. exchanges. Tennessee Senator Bill Hagerty raised concerns over the delay in approving Ether ETFs, questioning Gensler’s priorities in establishing regulatory frameworks beneficial to the crypto industry.

Forecast and Market Speculation on Ether ETF Launch

Despite challenges, Gensler acknowledged progress in processing Ether ETF filings from stock exchanges, indicating joint approvals for multiple applications. While SEC Chair Gensler refrained from giving a specific timeline, he hinted at potential approvals over the summer. Bloomberg ETF analyst Eric Balchunas suggested the possibility of Ether products launching on U.S. exchanges as early as June, with final SEC approvals potentially by July 4, though exact dates remained speculative.

Comparison with Bitcoin ETF Approvals

Drawing comparisons, Gensler recalled the SEC’s approval of 194-b filings for spot Bitcoin (BTC) ETFs on January 10. These ETFs, including BlackRock’s iShares Bitcoin Trust and others from major asset managers like Fidelity and Grayscale, commenced trading on January 11 following the SEC’s clearance of effective S-1 prospectuses. The regulatory pathway for Bitcoin ETFs provides context for the ongoing deliberations and expectations surrounding Ether ETF approvals.

In summary, while challenges and uncertainties persist, Gensler’s comments underscore the SEC’s ongoing efforts to navigate the complexities of approving Ether ETFs, aiming to establish a robust regulatory framework beneficial to both investors and the burgeoning crypto industry.

Image by Sergei Tokmakov, Esq. https://Terms.Law from Pixabay

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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