Ethereum
Gensler Teases Upcoming SEC Decision on Ethereum ETFs: Here’s What to Expect
U.S. Securities and Exchange Commission Chairman Gary Gensler recently hinted at a major upcoming decision regarding Ethereum ETFs, but did not provide many details. Gensler suggested there was a change in how they view these funds after some recent court rulings. Gensler didn’t reveal much but advised everyone to “stay tuned” for an important update that could have a significant impact on the market.
Gensler repeats that most cryptocurrencies are securities
This week, political trends in Washington DC saw a significant shift, increasing the chances of approval of ether spot ETFs. However, this change appears to have had little impact on Securities and Exchange Commission Chairman Gary Gensler’s thoughts on cryptocurrency.
Gary Gensler said he had no specific comment on the filing in question while speaking outside an Investment Company Institute event in Washington. He emphasized that their actions are guided by legal frameworks and judicial interpretations, to which he is deeply committed.
Learn more: Ethereum ETF S-1 talks begin: What to expect
This follows his remarks made on stage at the event, where he mentioned that the agency had adjusted its position in response to the ruling by the D.C. Circuit Court of Appeals, which previously rejected the approach from the SEC regarding spot bitcoin (BTC) ETFs this year.
Gensler said: “There are 15,000 or 20,000 chips in this field. They do not function as currency. Without prejudging any of them [they] usually have a group of entrepreneurs, and the public is looking at white papers, websites, sort of looking at that group of entrepreneurs, and investing based on that group of entrepreneurs. So that sort of fits with the classic Supreme Court test of what a warranty is.
Speaking publicly on Thursday, Gensler reiterated his view that most cryptocurrencies should be classified as securities. His remarks came as approval for ether spot ETFs could be announced later today.
Will the SEC approve the ETH ETF?
This week, the SEC asked exchanges regarding spot ether ETF applications to resubmit their Forms 19b-4 using standardized language, after weeks of minimal interaction. These forms were filed on Tuesday and made public online that evening.
Additionally, the SEC has begun direct discussions with potential issuers such as Fidelity and Grayscale, which have filed updated Form S-1s. The SEC is required to finalize a decision on at least one spot ether ETF application by the end of Thursday. The documents suggest the SEC may be concerned about ether ETF issuers staking assets.
Read also : SEC Chairman Gensler Criticizes FIT21: Are Investors at Risk?
Yesterday, despite strong opposition from Gary Gensler, the United States House of Representatives approved the FIT21 bill. Gensler said Thursday that his agency would continue to oppose the crypto bill passed by the House on Wednesday.
Analysts believe that the SEC will approve the first Ethereum spot ETF today. Yesterday, five U.S. officials urged the SEC and its chairman, Gary Gensler, to apply the same fair and consistent standards to upcoming Ethereum ETFs that were used for Bitcoin spot ETF approvals.
Bloomberg ETF Senior Analyst Eric Balchunas anticipates a disclosure around 4 p.m. ET today, similar to the timing of the Spot Bitcoin ETF’s previous announcement.