US SEC Chair Says The Spot Ethereum ETF Approval is Progressing Smoothly

Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), has revealed that the spot Ethereum ETF approval process is going smoothly. However, the SEC chairman didn't mention any potential timeline for the ETH ETF product launch, but analysts think it could happen as early as next week.

During the recent interview, Gensler also talked about crypto securities and securities laws, saying there is no inconsistency.

SEC Chair's Remarks on Spot Ethereum ETF Approval

The SEC Chair Gary Gensler has reportedly indicated a positive stance regarding the US spot Ethereum ETFs approval. While speaking at a June 25 Bloomberg Invest conference, Gensler said the approval process for launching spot ETH ETFs in the US is proceeding smoothly.

However, the SEC chairman remained tight-lipped about the exact timeline for the ETF products' launch. He also remained silent when asked if the ETFs would start trading before the US elections in November.

During the interview, Gensler was asked several questions about crypto policy and the SEC's stance. However, he said his interviewer was going after clicks" and only gave a few responses.

Regarding the spot ETH ETF launch timing, Gensler mentioned that the SEC is waiting for proper disclosures" from potential issuers. Also, he said, I don't know the timing, but it's going smoothly."

Further, the SEC chair explained that the disclosure statements are crucial and will help investors to make the right decisions.

On May 23, the SEC approved19b-4 applications from eight asset managers with spot Bitcoin ETFs. They include BlackRock, Fidelity, Grayscale, Bitwise, ARK Invest, Invesco Galaxy, Franklin Templeton, and VanEck.

Moreover, the asset managers need the regulator's approval for their Form S-1 filings to launch the ETFs.

Nothing Inconsistent About Crypto Securities And Securities Laws, Says Gensler

The US crypto stance got more contentious under Gensler's leadership of the SEC. With Gensler as a crypto opponent, the commission has led several enforcement actions against some notable crypto-related companies and projects.

Many believe the Joe Biden administration has influenced the SEC's stance against the crypto industry. However, with the next election approaching, crypto community members have different opinions regarding the political race between Donald Trump and Joe Biden.

While President Biden has indicated a war on crypto, Trump promised to change the antagonistic approach to crypto in the future.

Also, Gensler's hostility to crypto makes many believe he has President Biden's support. So, prominent personalities like Mark Cuban noted that Gensler could be the source of Biden's downfall in the election.

However, Gensler did not comment on the elections or Cuban claims. Rather, the SEC Chair mentioned that there's nothing inconsistent about crypto securities and securities laws."

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 https://t.co/518XPTe1fq pic.twitter.com/CtvqUOpSfR

- Bloomberg TV (@BloombergTV) June 25, 2024

According to the SEC boss, the regulator operates with clarity and has rules that guide any firm to compliance in the country. However, he said some people still don't comply with the laws.

Gensler also mentioned that about 20,000 crypto assets are classified as securities or investment contracts under US law. Moreover, the crypto projects don't properly disclose their assets to US investors.

Further, the SEC boss described cryptocurrency as a field where most leaders are either in jail, about to go to jail, or are awaiting extradition."

The post US SEC Chair Says The Spot Ethereum ETF Approval is Progressing Smoothly appeared first on The Tech Report.