Ethereum

Chair

Gary

US Securities and Exchange Commission (SEC) Chair Gary Gensler reportedly said that final approvals for <a href="https://news.todayq.com/bitcoin-etfs-see-154-mln-outflow-will-cpi-data-reverse-trend/" rel="noopener noreferrer nofollow">exchange-traded funds </a>(ETFs) trading Ethereum (ETH) are expected to be completed this summer.&nbsp;
As per reports, during a budget hearing with the Senate Appropriations Committee, Gensler stated that the process is “working smoothly” following the initial approval of several ETFs. It added that the final registration requirements are now being managed at the staff level. SEC set to approve Ether ETFs 
Once these filings are approved, new ETFs will be ready to be listed. This will allow broader market access to funds that hold actual ether. It is similar to the previously approved bitcoin spot ETFs. The SEC had initially blocked bitcoin ETFs until a federal court ruled against the agency.
The report mentioned that when questioned about whether ETH is a commodity, Gensler did not provide a direct answer. However, he maintained the agency’s ambiguous stance. The Commodity Futures Trading Commission (CFTC) chief Rostin Behnam affirmed that ETH is a commodity.&nbsp;
It is important to note that Gensler has consistently argued that the majority of crypto should be classified as securities. He had refrained from specifying which ones apart from those listed in enforcement actions.
The potential approval of Ethereum Spot ETF S-1 filings by the end of the summer represents a shift in regulatory attitude towards the crypto market. While the approval process may take additional time, it signals a positive move that could attract more institutional investors. This will push Ether’s market liquidity and possibly drive up its price. What to expect? 
Ether price jumped by around 20% in the last 30 days. This surge came in after the positive update over ETFs from the commission.
ETH is trading at an average price of $3,457, at the press time. Its 24 hour trading volume is up by 11% to stand at $17.11 billion with a market cap of $415.4 billion.
The SEC’s meticulous review process underscores its cautious approach, ensuring these financial instruments comply with regulations, including addressing custody, creation, and redemption processes, and mitigating market manipulation risks.
Gensler’s comments, suggesting approval “over the course of this summer,” align with Senator Hagerty’s interpretation of approvals potentially happening “by the end of the summer,” indicating a concerted effort to finalize these ETFs within the anticipated timeframe.

Gary Gensler hints at summer approval for Ether ETFs

Todayq News

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