Ethereum

Chair

Gary

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/sec-chair-gary-gensler-comments-on-ethereum-etfs/" data-wpel-link="internal">SEC Chair Gary Gensler Comments on Ethereum ETFs</a> 
During a Squawk Box interview with CNBC on February 14, United States Securities and Exchange Commission (SEC) Chair Gary Gensler provided very little information about spot Ethereum exchange-traded funds (ETFs). Following the process for spot <a href="https://en.coin-turk.com/crypto-analyst-anticipates-next-big-move-as-bitcoin-consolidates/" data-wpel-link="internal">Bitcoin</a> ETFs, attention has shifted to ETF products for Ethereum, with many investors continuing to take significant steps in this area. 
<h2 class="p1" style="text-align: justify" id="steps-toward-an-ethereum-etf">Steps Toward an Ethereum ETF</h2> 
When asked whether a decision would be made regarding Ethereum ETFs and when it might happen, Gensler only indicated that the process would be handled in the same manner as Bitcoin ETF products, without revealing any current status or potential timeline. The securities agency had postponed its decision on the Invesco Galaxy Ethereum ETF product on February 6. The SEC had also delayed its decision on Invesco’s ETF application in December. 
SEC; has also postponed decisions on other Ethereum ETF applications, including those from Grayscale, Fidelity, and the world’s largest asset management firm BlackRock. Other firms competing for ETF approvals include VanEck and Hashdex. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-314760 size-full" src="https://coin-turk.com/wp-content/uploads/2024/02/ether-etf.jpg" alt="" width="822" height="262"> 
Franklin Templeton was among the latest Wall Street firms to file an S1 for a spot Ethereum ETF product on February 12. The asset management giant, with $1.5 trillion under management, signaled its intent to securitize a portion of the ETF product for Ethereum to generate additional passive income, similar to the revised application from ARK 21Shares. 
The SEC is required to make decisions on VanEck’s application by May 23, ARK 21Shares by May 24, Hashdex by May 30, Grayscale by June 18, and Invesco by July 5. Fidelity and BlackRock’s applications are due for decisions by August 3 and August 7, respectively. 
<h2 class="p1" style="text-align: justify" id="industry-experts-weigh-in-on-the-matter">Industry Experts Weigh In on the Matter</h2> 
Bloomberg ETF analyst James Seyffart expects the SEC to make a simultaneous decision on all pending Ethereum ETF applications by May 23, similar to the approval of all spot Bitcoin ETF products on January 10. However, Bloomberg ETF analyst Eric Balchunes reduced the likelihood of a spot Ethereum ETF approval in 2024 from 70% to 60% according to a January 31 post, commenting: 
<blockquote> 
 “If Gensler really wants, he can take steps towards the process. There’s no longer a need to take such a step for Bitcoin.” 
</blockquote> 
As for Bitcoin ETF products, BlackRock’s iShares Bitcoin Trust (IBIT) became the first spot Bitcoin ETF product in the US to surpass the 100,000 Bitcoin threshold, amassing 105,280 Bitcoin under management as of February 13. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/sec-chair-gary-gensler-comments-on-ethereum-etfs/" data-wpel-link="internal">SEC Chair Gary Gensler Comments on Ethereum ETFs</a></h5>

SEC Chair Gary Gensler Comments on Ethereum ETFs

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