SEC Chair Gary Gensler: Ethereum spot ETF to be approved this summer

According to a report from The Block, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), commented on the timeline for the approval of an Ethereum spot exchange-traded fund (ETF) during a hearing held by the Senate Appropriations Committee on Thursday. He expects that the approval of the S-1 may occur over the course of this summer.

Ethereum Spot ETF Set to Be Approved This Summer

When questioned by Tennessee Republican Senator Bill Hagerty about the approval process for an Ethereum spot ETF, Gensler responded:

Individual issuers are still completing the registration process and progress is going well. The listing approval could come at "some point this summer"!

The U.S. Securities and Exchange Commission (SEC) officially approved 8 Ethereum spot ETFs' 19b-4 forms on 5/23. However, for these products to start trading, their S-1 registration statements need to become effective, and according to Bloomberg ETF analysts, it will take at least a few more weeks.

SEC Pushing U.S. Crypto Firms Overseas

Hagerty also criticized Gensler's rulemaking for the cryptocurrency industry, stating that the agency's "barriers" are driving U.S. companies overseas.

You are not prioritizing creating a constructive set of rules for the crypto industry that urgently needs regulation. This is an innovative industry that the U.S. should be leading!

Hagerty further pointed out that while other countries or jurisdictions are developing rules for their ecosystems, the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission continue to have barriers and lack of certainty. This innovative industry is being forced overseas. I don't think this is the outcome we want to see in the U.S.

Rob Marrocco, Vice President of Cboe, an exchange where multiple Bitcoin spot ETFs are listed, previously suggested the need for a comprehensive cryptocurrency regulatory framework. This framework would define the components of securities and commodities, enabling the U.S. SEC to take appropriate actions. This would be beneficial for the approval of Ethereum spot ETFs and even other cryptocurrency ETFs.