Spot ETH ETF Approvals “Will Take Some Time,” SEC Chair Gary Gensler Says
United States Securities and Exchange Commission (SEC) Chair Gary Gensler revealed that spot Ether (ETH) exchange-traded funds (ETF) approval “will take some time,” the federal regulator said during a Wednesday appearance on CNBC’s “Squawk Box.”
Gensler’s comment may be hinting at approving all spot ETH ETF candidates’ S-1 form, a.k.a an initial registration form required by the SEC before the products can be made fully available to the public.
The SEC approved several spot ETH ETF applicants’ 19-4b forms on May 23, including VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise.
.@SECGov Chair Gary Gensler appearing on CNBC (during HFS digital assets subcommittee hearing) says next step on ETH ETF approvals “will take some time” pic.twitter.com/rGSFqZbTER
— blockchain tipsheet (@blockchaintpsht) June 5, 2024
The federal regulator’s go-ahead marked a turn of events following weeks of dwindling approval odds and came just months after the Gensler-ran organization gave spot Bitcoin (BTC) ETFs the green light.
The SEC chair has been scrutinized for his longstanding crypto-skepticism and regulation-by-enforcement approach to digital assets.
“Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto,” Gensler warned investors in a January 2024 statement shortly after spot BTC ETFs were approved.
In a recent interview with CryptoNews’ Rachel Wolfson, Bloomberg ETF analyst James Seyffart alleged that the regulator’s ETH approval was “a complete political decision” amid increased bipartisan support of crypto-friendly policies ahead of the 2024 U.S. presidential election.
“We think it was a 180 from the SEC,” Seyffart
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