- Gensler hinted that the SEC may be dragging its feet in approving spot Ether ETFs.
- Several firms’ 19b-4 filings were approved by the SEC on May 23.
Final approvals for asset managers providing spot Ethereum (ETH) exchange-traded funds (ETFs) on exchanges may be delayed, according to U.S SEC Chair Gary Gensler.
While appearing on CNBC on June 5, Gensler hinted that the SEC may be dragging its feet in approving spot Ether ETFs, saying that the following procedures would “take some time.” This might mean that the commission is taking its time to approve S-1 registration statements.
All Eyes on SEC
Moreover, several firms’ 19b-4 filings were approved by the SEC on May 23. The listing and trading of ETFs on U.S. exchanges might be delayed by many months, however, due to final clearances.
In the interview, the SEC chair went on to say that cryptocurrency businesses were doing things that were illegal for conventional exchanges, implying that Gensler would likely keep the commission’s stance on enforcement actions the same.
The cryptocurrency exchanges, Kraken, Ripple and Binance have all been served with lawsuits. On the other hand, a Utah judge fined the SEC $1.8 million for “bad faith conduct” in court, which led to the closure of one of its regional offices.
Despite Gensler’s claims that the SEC would delay the approval of the spot Ether ETF, the procedure to offer shares on exchanges has already begun. Just five months after the SEC made history by approving several spot Bitcoin ETF applications, the 19b-4 approvals for Ether followed suit. According to Bloomberg ETF analyst Eric Balchunas, spot Ether ETFs are expected to start on July 4th, before the remarks made by the SEC chair.
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