Ethereum
Gensler Provides Crucial Update on Ethereum ETF Approval Process
Alex Dovbnya
Gary Gensler did not reveal when exactly Ethereum spot ETFs will receive the green light from his agency
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During a one-on-one interview held at the Bloomberg Invest Summit in New York, U.S. Securities and Exchange Commission Chairman Gary Gensler said the approval process for several Ethereum (ETH) ETF applications is underway “ no problem “.
However, Gensler does not know exactly when these products will be able to start trading. He said asset managers are expected to provide appropriate information before launch.
As reported by U.TodayThe SEC boss previously said that Ethereum ETFs would go live this summer.
Last week, several potential Ethereum spot ETF issuers, including financial giant BlackRock, submitted amended registration statements that included information on fees as well as seed investments.
Earlier today, financial firm VanEck also moved closer to final approval of its Ethereum ETF application by filing a Form 8-A.
Bloomberg ETF analyst Eric Balchunas predicted that Ethereum ETF products could launch on July 2nd. According to the expert, VanEck’s latest move bodes well for this prediction.
The SEC shocked the cryptocurrency industry with unexpected Forms 19b-4 in May. However, this was only the first step in the ongoing approval process. Now, the agency must greenlight numerous S-1 registration forms that will actually allow Ethereum ETFs to go live.
In late May, banking giant JPMorgan predicted that spot Ethereum ETFs, which have yet to launch, would not attract the same level of demand as their record-breaking Bitcoin counterparts earlier this year. Its analysts expect these products to attract only $3 billion in inflows this year, which would represent only a small fraction of the total inflows seen by Bitcoin ETFs.
About the Author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to this booming industry, from price analysis to blockchain disruption. Alex has authored over 1,000 articles for U.Today, CryptoComes and other fintech media. He is particularly interested in regulatory trends across the world that are shaping the future of digital assets. He can be contacted at alex.dovbnya@u.today.