According to Securities and Exchange Commission (SEC) Chairman Gary Gensler, Ethereum spot ETFs should be approved by September.
During the hearing before the US Senate Appropriations Committee, Gensler made comments on the final approval of Ethereum spot ETFs, assuring that The process is taking place completely normally. and that these cryptocurrency investment instruments should be approved this summer.
According to Gensler, who was responding to a question related to the regulatory approval of these investment funds, the issuers are currently working on the S-1 filings, which await the approval of the securities regulator to become effective and allow the funds to begin trading on the markets.
Although experts estimate that the listing of Ethereum ETFs could start between the months of June and August, Gensler has extended the possible date of approval of the listing of these funds, indicating that, in reality, it could happen “sometime” during the summer.
According to several web portals, summer begins on June 21 and ends on September 21.
The SEC is handling S-1 forms on a personal level
After approving Ethereum spot ETFs in the US market on May 23, giving the green light to Forms 19B-4, the SEC has been slow to respond to issuers and investors on the opening of these investment funds. In addition to Forms 19B-4, Forms S-1 are indispensable for Ethereum ETFs to begin trading and provide investors with direct exposure to the cryptocurrency. ETH price, the second most traded cryptocurrency in the crypto market today.
Commenting on the SEC chairman's new comments, Bloomberg ETF analyst James Seyffart noted that Gensler is not actually giving away much information about the approval of the S-1 forms.
Seyffart believes that the SEC is likely to accelerate its moves and that these forms will receive approval soon. early next month.
Ethereum is trading near $4.450
At the time of writing this article, the Ethereum price It is trading with a 4% drop in the last few hours, maintaining a value close to $4.450 dollars per unit.
Source: CoinMarketCap
In Q13, Ethereum's price was boosted by the arrival of the Dencun upgrade on the mainnet, which was successfully implemented by developers on March 19. Also, the SEC's approval of spot ETF Forms 4B-XNUMX gave a bullish boost to the cryptocurrency's price. However, ETH has been correcting since then due to the doubts surrounding the process.
While experts believe the SEC has recognized Ethereum as a commodity with the approval of spot ETFs, during the recent hearing, Gensler refused to answer directly when asked if ETH is, in fact, a commodity and not a security. Meanwhile, Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), answered “yes” when asked the same question about Ethereum during the same hearing.
Gensler also received criticism for the SEC’s regulatory policy on the cryptocurrency industry. Senator Bill Hagerty told Gensler that the regulator has been imposing obstacles on crypto industry participants, which has been driving crypto companies overseas. Senator Hagerty also highlighted that cryptocurrencies are a growing and innovative industry, which deserves clear regulation to thrive and strengthen the country’s technological leadership. Criticism also extended to the CFTC’s regulatory policy on the crypto industry.
Main image from Bloomberg
