SEC Chair Gensler Says Ethereum ETF Approval is Going Smoothly

Joshua Ramos
Ripple CTO Says Gensler Must Refrain From Voting on Any Enforcement Case
Source: CoinDesk

US Securities and Exchange Commission (SEC) Chair Gary Gensler has said that the Spot Ethereum ETF approval process is going smoothly. Indeed, the agency chair discussed the impending investment product that received approval in late May, and when they could go live.

The agency is still working with issuers on S-1 filings, which have to be approved before the investment products begin trading. Many experts have predicted the second crypto-based ETF in the country will officially launch in July.

Also Read: SEC Chair Gensler: Ethereum ETF Debut Will ‘Take Some Time’

Gensler Says ETH ETF Approval Process is Going Smoothly

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Speaking at a Bloomberg Invest Summit taking place Tuesday, SEC Chair Gensler said Ethereum ETf approval is “going smoothly.” However, he did note that he does not know the timing of when the product could launch.

The statement echoes similar ones made earlier this month. Speaking before the US Senate Appropriates Subcommittee on Financial Services, he discussed the Ether ETF. During that appearance, he discussed the ongoing approval process.

“Individual issuers still are working through the registration process. That’s working smoothly, and I would envision sometime over the course of this summer.” Gensler also noted that “disclosure and registration,” is all that’s left before the ETFs can launch.

Source: CNBC

Also Read: SEC Chair Gary Gensler: Ether ETFs Should Be Approved By September

During the Bloomberg Summit, Gensler didn’t hold back in sharing his well-established critiques of the digital asset market. he stated that the industry often uses non-compliant rails outside of exchange-traded products. Moreover, he referred to many cryptocurrencies as securities, while saying most Americans do not get the necessary disclosures.

The incoming Spot Ethereum ETFs are hoping to mirror the success that its Bitcoin counterpart exhibited earlier this year. Just three months after the BTC product went live, the asset reached an all-time high price of $73,000.