The US Securities and Exchange Commission (SEC) Chairman Gary Gensler has said that the arrival of the recently approved Spot Ethereum ETF will “take some time.” Gensler noted to CNBC Wednesday morning that the agency is still working on various disclosure measures.
The ETH ETF approval last week was a surprise to the digital asset market as a whole. The SEC had long resisted the approval of the crypto-based exchange-trade product, despite the success of a Spot Bitcoin ETF following its January approval. Conversely, Gensler discussed the need for patience as the process is still ongoing.
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SEC Chair Says Ethereum ETF Could Still Take Time
With the midpoint of 2024 fast approaching, crypto-based ETFs have dominated the finance sector. Both Bitcoin and Ethereum have received approval for the investment vehicle, as the cryptocurrency market could be set to face a surge in investor interest. However, that process may not be imminent.
Speaking to CNBC, SEC Chari Gary Gensler called for patience, saying a Spot Ethereum ETF debut could “take some time.” He referenced the recent approval of the product while noting that the agency was still working on the necessary disclosures from listing exchanges.
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The issue of disclosure appeared to be one of the themes of Genesler’s visit to CNBC. Speaking with Jim Cramer, he noted that “disclosure is not what you get in crypto.” Furthermore, he took aim at traditional crypto exchanges, noting they do things “the law would never allow [NYSE] or traditional stock exchanges to do.”
However, Gensler did not directly comment on the stark shift in the SEC’s approach to Spot Ethereum ETFs. He only discussed the presence of Ether Futures exchange-traded products on Cboe for the last three years. Yet, there are many who perceive the changing opinion of agency as a political decision at its core.