SEC Chairman Gensler confirms: Spot Ethereum ETF is expected to be approved this summer

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said at a recent Senate hearing that although it is currently unclear whether Ethereum is classified as a commodity, the regulator is expected to do so this summer. Approval of spot Ethereum ETF application at some point. This approval will be the final step before the fund’s U.S. launch.

Gensler confirmed that the ETFs will be able to launch by the end of the summer, well before the November presidential election.

Regulators recently approved a related 19b-4 application submitted by the stock exchange in May. However, individual issuer S-1 registration forms are still pending approval.

At the hearing on June 13, Gensler said: "Individual issuers are still going through the registration process, and everything is going smoothly at the moment." Senator Bill Hagerty praised this and emphasized the importance of seizing the market first. importance.

Issues on listing timeline and product classification

Gensler's timeline is consistent with industry experts' predictions.

Bloomberg ETF analysts expect approval of the S-1 filing could take weeks to months after 19b-4 is approved. Others, including JPMorgan Chase & Co., also predict the ETFs will begin trading before the November election.

Although the S-1 approval has not yet been completed, the launch of a spot Ethereum ETF in the United States has become an inevitable trend. Many in the industry, including legal experts, now view Ethereum as a commodity.

However, when questioned by the Senate, Gensler did not clarify whether Ethereum was classified as a security or a commodity. He avoided the question without giving a clear answer.

Meanwhile, U.S. Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam clearly told the Senate that Ethereum is a commodity and should be regulated by the agency.

SEC Budget Challenges and Market Supervision Responsibilities

Gensler also addressed the SEC’s fiscal year 2025 budget request, highlighting the significant growth and changes in the market. "Our limited resources stand in stark contrast to the tremendous growth and change in the market," he noted.

The SEC currently regulates approximately 40,000 entities, including more than 13,000 registered funds, 15,400 investment advisers and 3,300 broker-dealers.

Gensler expressed concern about a provision in the House Appropriations Committee’s appropriations bill for the agency’s fiscal year 2025 that limits funds from being used for enforcement actions related to digital asset transactions, except for fraud or market manipulation.

“This would seriously undermine our efforts,” he warned. “While not all cryptocurrencies are crypto-securities…those cryptocurrencies have an obligation to disclose full, fair and complete information to the public.”

The SEC Chairman emphasized the critical role the agency plays in maintaining market integrity and protecting investors, and emphasized the importance of adequate funding to keep pace with rapidly evolving markets and technological advancements.

"The SEC is the police patrol charged with overseeing the investing public and issuers," he told the Senate.

Conclusion:

Gary Gensler’s speech at the Senate hearing paved the way for the approval of the spot Ethereum ETF, which not only symbolizes the regulatory acceptance of cryptocurrencies, but also reflects the market’s strong desire for regulated investment channels. need. Although the asset characterization of Ethereum has yet to be clarified, its importance in the financial field has already emerged.

At the same time, Gensler's concerns about the SEC's budget highlight regulatory challenges and the need for adequate resources to maintain market order and protect investor interests. The upcoming arrival of spot Ethereum ETF heralds the further maturity of the cryptocurrency investment environment, bringing safer and more transparent investment options to market participants while injecting power into the industry's continued innovation.

The above is the detailed content of SEC Chairman Gensler confirms: Spot Ethereum ETF is expected to be approved this summer. For more information, please follow other related articles on the PHP Chinese website!