Gary Gensler: Ethereum spot ETF approval process "progressing smoothly"

The Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, made an appearance at the Bloomberg investment summit, stating that the approval process for a Ethereum spot ETF is "progressing well," but he is unsure of the specific approval timeline.

Gary Gensler: Approval Depends on Issuers

The SEC officially approved the 19b-4 forms for eight Ethereum spot ETFs on 5/23, and for these products to begin trading, their S-1 registration statements need to become effective.

In response to this, Gensler pointed out that:

ETH, like BTC, already has related futures products trading on U.S. securities platforms, and continuously amending the details of spot ETF applications, such as 19b-4 forms and registration statements, is crucial for investors. I don't know the exact timing of approval, but progress is smooth.

Gensler added that the entire process is really about whether these asset management companies can improve information disclosure so that the registration statements can take effect. SEC staff have handled thousands of similar cases in the past, and whether approval goes smoothly truly depends on whether the asset management companies make appropriate information disclosures.

Earlier reports indicated that Bloomberg ETF analyst Eric Balchunas predicted the launch of Ethereum spot ETFs next week, and Gensler also stated during a mid-June hearing that the approval would be completed in the summer.

SEC Gary Gensler: Ethereum Spot ETF to be Approved This Summer

Gary Gensler Reiterates Concerns about Illegal Activities in the Crypto Industry

Gensler once again reiterated his concerns about most cryptocurrencies being securities and stated that crypto platforms have failed to comply with their rules.

He also criticized that most crypto projects lack true decentralization:

There are 20,000 different tokens in the market, offered in the form of investment contracts, and the U.S. public has not received adequate information disclosure. In the intermediary market of the crypto industry, those so-called exchanges have hundreds of products on their platforms. Think about it, how many of these crypto projects do not have a group of entrepreneurs involved as intermediaries?

When the host mentioned that billionaire Mark Cuban had said that Biden might lose the presidential election due to the strong SEC regulation, Gensler emphasized that he doesn't talk about elections, and everything he does is just what a securities regulator should do.

Mark Cuban Calls Cryptocurrency a Key Issue in the U.S. Election: Biden Might Lose Due to SEC