Major Decision on Ethereum ETFs Looming, SEC Chair Hints
U.S. Securities and Exchange Commission Chair Gary Gensler recently teased a significant upcoming decision regarding Ethereum ETFs. While not divulging many specifics, Gensler hinted at a shift in the agency’s approach following recent court rulings. He urged everyone to stay tuned for an important update that could have a considerable impact on the market.
Gensler Repeats Most Cryptocurrencies are Securities
This week, there were developments in Washington D.C. that seemed to increase the likelihood of spot Ethereum ETF approvals. However, SEC Chair Gary Gensler’s stance on cryptocurrencies appeared unchanged.
- Gensler refrained from commenting on a specific filing outside an Investment Company Institute event in Washington.
- He emphasized that their actions are based on legal frameworks and judicial interpretations.
- His comments followed an adjustment in the agency’s position after a court decision regarding spot bitcoin ETFs.
While addressing a crowd, Gensler reiterated his belief that most cryptocurrencies should be viewed as securities. This statement came amidst speculation about potential approval for spot Ethereum ETFs.
Is SEC Going To Approve ETH ETF?
The SEC recently requested exchanges to resubmit their spot Ethereum ETF applications using standardized language after weeks of limited interaction. The submissions were made public after filing by Tuesday evening.
- The SEC engaged in direct talks with issuers like Fidelity and Grayscale, who updated their S-1 forms.
- A decision on at least one spot Ethereum ETF application was expected to be finalized by the end of Thursday. Concerns were raised about Ethereum ETF issuers staking assets.
Despite opposition from Gary Gensler, the US House passed the FIT21 bill, which the SEC chair criticized. Analysts predict the approval of the first spot Ethereum ETF today, with expectations of a disclosure similar to the timing of the previous Bitcoin ETF announcement.
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