Chair

Gary

The process of launching the first spot Ether (<a href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow">ETH</a>) exchange-traded funds (ETFs) in the United States is “going smoothly,” says Securities and Exchange Commission Chair Gary Gensler.
Speaking at a June 25 Bloomberg <a href="https://www.youtube.com/watch?v=0KGpPmDJKfM" target="_blank" rel="noopener noreferrer nofollow">conference</a>, Gensler remained tight-lipped on when the ETFs could launch and deferred when asked if they could go live before the November U.S. elections.
“It’s really about the asset managers making the full disclosure so that those registration statements can go effective,” he said.
“What is in front of us — and it's done at a staff level — is what’s called the registration statements, the disclosure statements,” Gensler added. “Again, these disclosures are really important. They’re important to investors making investment decisions.”
The SEC approved 19b-4 filings from <a href="https://cointelegraph.com/learn/spot-ethereum-etf" rel="noopener noreferrer nofollow">eight ETF bidders</a> on May 23 but the asset managers are <a href="https://cointelegraph.com/news/fidelity-amends-ether-etf-filing-discloses-4-7m-in-seed-capital" rel="noopener noreferrer nofollow">still making tweaks</a> to their Form S-1’s — the final filings the SEC needs to approve before they go live for trading.
Analysts have <a href="https://cointelegraph.com/news/asset-managers-update-proposals-ether-etfs-july-launch" rel="noopener noreferrer nofollow">predicted the SEC</a> could approve the funds for trading as soon as next week — the first week of July.
<h2 id="nothing-inconsistent-about-securities-laws">“Nothing inconsistent” about securities laws</h2>
The U.S. crypto industry has <a href="https://cointelegraph.com/news/crypto-super-pac-donation-jump-crypto" rel="noopener noreferrer nofollow">raised millions</a> and lobbied to make digital assets an election issue after <a href="https://cointelegraph.com/news/sec-enforcement-actions-gary-gensler" rel="noopener noreferrer nofollow">facing a deluge</a> of enforcement actions from the Gensler-led SEC.
Presidential hopeful Donald Trump said he would end what he called President Joe Biden’s “war on crypto,” and billionaire investor Mark Cuban <a href="https://cointelegraph.com/news/gary-gensler-could-literally-cost-joe-biden-cryptocurrency-us-presidential-election-mark-cuban" rel="noopener noreferrer nofollow">claimed Gensler</a> could “literally cost Joe Biden the election.”
Gensler said he doesn’t speak on elections when asked about Trump and Cuban’s comments.
“We have a set of rules that are pretty clear. There’s nothing inconsistent about crypto securities and the securities laws,” he added. “Unfortunately, there’s a number of people that are non-compliant with the laws.”
<blockquote class="twitter-tweet">
 Gary Gensler, chair of the US Securities and Exchange Commission, says "there's nothing inconsistent about crypto securities and the securities laws," but he does say they are still being broken <a href="https://t.co/518XPTe1fq" rel="noopener noreferrer nofollow">https://t.co/518XPTe1fq</a> <a href="https://t.co/CtvqUOpSfR" rel="noopener noreferrer nofollow">pic.twitter.com/CtvqUOpSfR</a>— Bloomberg TV (@BloombergTV) <a href="https://twitter.com/BloombergTV/status/1805687824294826138?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 25, 2024</a>
</blockquote>
Related: <a href="https://cointelegraph.com/news/south-korean-think-tank-cautions-against-crypto-etfs" rel="noopener noreferrer nofollow">South Korean think tank cautions against crypto ETFs</a>
Gensler said there were up to 20,000 crypto tokens that he claimed were investment contracts — a type of <a href="https://cointelegraph.com/learn/commodities-vs-securities" rel="noopener noreferrer nofollow">security</a> under U.S. law — which were not giving the “proper disclosure” to American investors.
“This is a field that the leading lights from a couple of years ago are either in jail, about to go to jail, or are awaiting extradition,” he said.
<blockquote class="twitter-tweet">
 "This is a field where the leading lights from a couple of years ago are either in jail, about to go to jail, or awaiting extradition." <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@SECGov</a> Chair <a href="https://twitter.com/GaryGensler?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@GaryGensler</a> <a href="https://twitter.com/hashtag/BloombergInvest?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BloombergInvest</a> <a href="https://twitter.com/annmarie?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@annmarie</a> <a href="https://t.co/KP6kyzwHTk" rel="noopener noreferrer nofollow">pic.twitter.com/KP6kyzwHTk</a>— Bloomberg Live (@BloombergLive) <a href="https://twitter.com/BloombergLive/status/1805676246485090450?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 25, 2024</a>
</blockquote>
“We’re bringing that in front of courts, and those will play out because folks that are not complying with the law hurt the American public,” he added.
On X, Ripple CEO Brad Garlinghouse <a href="https://x.com/bgarlinghouse/status/1805709954613203193" target="_blank" rel="noopener noreferrer nofollow">slammed</a> Gensler’s comments as “absolute nonsense,” claiming the SEC boss “completely missed FTX.”
<blockquote>
 “Gensler will cause Biden to lose the election."
</blockquote>
Magazine: <a href="https://cointelegraph.com/magazine/godzilla-vs-kong-can-sec-prevail-against-crypto-legal-firepower/" rel="noopener noreferrer nofollow">Godzilla vs. Kong — SEC faces fierce battle against crypto’s legal firepower</a>

Ethereum ETF process is ‘going smoothly,’ says SEC’s Gensler

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