Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, recently provided insights to lawmakers regarding the imminent launch of spot ethereum exchange-traded funds (ETFs) this summer. The SEC is currently collaborating with fund issuers on their S-1 filings, which need to be approved before the spot ether ETFs can officially debut.
Gensler’s Testimony on Cryptocurrency
Gary Gensler appeared before the U.S. Senate Appropriations Subcommittee on Financial Services on June 13 to discuss the President’s Fiscal Year 2025 budget requests for both the SEC and the Commodity Futures Trading Commission (CFTC). During the session, Gensler addressed inquiries about cryptocurrency and the approval status of spot ethereum ETFs. Senator Bill Hagerty (R-TN) specifically questioned why the SEC has not fully sanctioned spot ether ETFs, especially considering a recent court decision favoring spot bitcoin ETFs.
Gensler clarified that the SEC had indeed approved some ethereum exchange-traded products, although the process was not yet complete. He mentioned that individual issuers were still in the registration process and anticipated progress by the summer. In May, the SEC approved 19b-4 filings for eight spot ether ETFs, but the final go-ahead hinges on the completion and effectiveness of the S-1 filings.
When pressed by Senator Hagerty about the likelihood of spot ethereum ETFs receiving full approval this summer, Gensler emphasized the importance of proper disclosure and registration procedures. Hagerty also raised concerns about the SEC’s resource allocation and regulatory frameworks, highlighting the need for clear guidelines to support the crypto industry’s growth and innovation.
In conclusion, Hagerty emphasized the significance of providing a conducive environment for the crypto industry to thrive, expressing his concerns about potential obstacles hindering its development in the U.S. What are your thoughts on Gary Gensler’s statements and the future of spot ether ETFs? Share your opinions in the comments below.
