Bijiew.com reports:
During an interview at the Bloomberg Investment Summit, Gary Gensler, Chairman of the U.S. Securities and Exchange Commission, expressed confidence in the approval process for a spot Ethereum ETF, but did not provide a specific timetable.
He also declined to comment on how the current government’s stance on cryptocurrencies might affect the upcoming elections.
Spot Ethereum ETF approval process running smoothly
Gensler emphasized that the main focus now is on asset management companies. He said, “This is actually about asset management companies making full disclosures so that these registration statements can become effective.” Despite the ongoing work, Gensler mentioned that the process is still progressing smoothly, saying, “I don’t know the timing, but it is progressing smoothly.”
Initially, Gensler suggested that the spot Ethereum ETF would go live in the summer. Last month, the U.S. Securities and Exchange Commission approved the 19b-4 form, paving the way for this investment category. Currently, the U.S. Securities and Exchange Commission and issuers are working on the S-1 filings, which need to be approved before the product begins trading. Some expert analysts predict that the spot Ethereum ETF will go live on July 2.
In recent days, some asset management companies have been reviewing their applications for these financial instruments. For example, investment giant BlackRock recently released a revised statement containing key details about fees and seed funds. In addition, another potential issuer, VanEck, submitted an 8-A form, getting closer to approval.
Earlier this month, Gensler discussed the Ethereum ETF and its approval process while speaking at the U.S. Senate Appropriations Subcommittee on Financial Services. There are high expectations for spot Ethereum ETFs, with some predicting that they will replicate the performance of spot Bitcoin ETFs after approval. However, banking giant JPMorgan recently expressed doubts about this possibility.
Politics and Cryptocurrencies
Gary Gensler was also allowed to comment on the current state of cryptocurrencies and their relationship with the upcoming elections. Gensler straightforwardly responded, “I don’t talk about elections.”
Just recently, Dallas Mavericks owner Mark Cuban suggested that Trump might win the upcoming elections due to the Biden administration’s anti-crypto stance. Cuban even bluntly stated that Gensler makes “it almost impossible for legitimate crypto companies to operate.”
However, the Chairman of the U.S. Securities and Exchange Commission believes that regulatory agencies do not need to improve existing laws. He said, “There is no inconsistency between crypto securities and securities laws.”
Regulatory agencies have also openly expressed their criticism of digital assets. He mentioned the use of non-compliant tracks outside of ETPs. In some cases, the Chairman of the U.S. Securities and Exchange Commission referred to some cryptocurrencies as securities.
