SEC Chair Gary Gensler has announced that the approval of Spot ETH ETFs is expected to happen this summer. He made this statement during a testimony before the Senate Appropriation Committee. When questioned about the timeline for the approval of spot ETH ETFs, Gensler mentioned that he anticipates it to occur sometime over the course of this summer.
While Gensler acknowledged that individual issuers are still in the process of registering, he stated that the overall spot ETH ETF approval process is progressing smoothly. However, he was cautious about setting a specific approval date, emphasizing the need for proper disclosures in the registration statements of each applicant.
Applicants are currently waiting for a decision on their S-1 forms, the last requirement before approval by the federal regulator. Despite the regulatory process, ETF specialist Nate Geraci expressed anticipation for changes in the next batch of amended S-1s, suggesting that there may not be much work left to do.
Gensler, known for his strict approach to digital assets, reiterated the importance of regulation and enforcement in the crypto industry during his testimony. He criticized the co-mingling of financial activity at exchanges within the digital asset sector, stating that it is not serving the public well and often works against customers’ best interests.
Despite the regulatory scrutiny, the approval process for exchange-traded products rooted in crypto continues. Gensler’s remarks indicate the ongoing efforts to ensure proper compliance and protection within the blockchain industry.