Ethereum

Chair

Gary

Spot

Spot Ethereum ETF supporters were handed a win during a Senate hearing, as SEC Chair Gary Gensler said applications were advancing.&nbsp; 
Speaking to a subcommittee of the Senate Appropriations Committee, U.S Securities and Exchange Commission (SEC) chair Gary Gensler hinted towards a full regulatory approval for spot Ether (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="">ETH</a>) ETFs could come by the end of September.&nbsp; 
Gensler said at the <a href="https://www.appropriations.senate.gov/hearings/a-review-of-the-presidents-fiscal-year-2025-budget-requests-for-the-us-securities-and-exchange-commission-and-the-commodity-futures-trading-commission" target="_blank" rel="">budget hearing</a> on June 13 that the final batch of filings, known as S-1s or registration of securities, has reached staff review. The commission already approved proposed rule changes to list spot ETH ETFs, also called 19b-4, last month. 
Although the agency’s top official confirmed that <a href="https://crypto.news/?s=Ethereum+etf" target="_blank" rel="">Ethereum ETFs</a> will likely start trading soon, Gensler’s vague stance on Ether’s asset status continued. The SEC chair refused to categorically say whether the largest decentralized finance native token is a commodity or a security.&nbsp; 
 You might also like: <a href="https://crypto.news/experts-spot-ether-etfs-not-the-boon-industry-thinks/" rel=""> Experts: Spot Ether ETFs not the boon industry thinks </a> 
Gensler’s counterpart at the Commodity Futures Trading Commission, Rostin Behnam, has adopted an opposing view. “Yes,” answered Behnam when asked if Ether should be classified as a commodity.&nbsp; 
While experts noted that issuers filed spot ETH ETF bids in a non-security manner, it remains unclear how U.S. regulators and policymakers will officially approach the asset.&nbsp; 
However, the removal of all staking language from applications suggests that Ethereum’s proof-of-stake (PoS) consensus mechanism is likely under SEC scrutiny.&nbsp; 
The securities agency has launched multiple enforcement actions and sent Wells Notices to Ethereum adjacent providers like Consensys and <a href="https://crypto.news/uniswap-to-sec-if-forced-to-litigate-we-will-win/" target="_blank" rel="">Uniswap</a>, further solidifying Gensler’s view on the matter.&nbsp;Still, considering <a href="https://crypto.news/consensus-2024-ripple-ceo-stablecoins-etfs/" target="_blank" rel="">political shifts</a> in recent months, inquiries into Ether’s underlying technology may also be dead in the water.&nbsp; 
 Read more: <a href="https://crypto.news/exclusive-magaa-coin/" rel=""> Exclusive: MAGAA coin to ‘create a community of like-minded individuals’ </a>

Gary Gensler: Ethereum ETFs likely approved by end of summer

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