The chairman of the agency, Gary Gensler, Has told investors that “stay tuned” To the US Securities and Exchange Commission’s (SEC’s) decision regarding spot Ethereum ETF. In fact, it is approaching the deadline for Thursday’s approval of the crypto-based investing product.
The digital asset market had been less than confident about Ether’s chances of being approved before this week. But that all changed this Monday. Bloomberg Increasing approval chances from 25% up to 75%. Many expect the approval before the end the week.
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Gensler Says to ‘Stay Tuned’ to Ether ETF Decision
SEC allowed the launch of Spot Bitcoin ETFs for the United States in January. Several months after this decision, the digital asset had reached an all-time record high. It was a major change for institutional investors’ perceptions about digital assets.
Market participants are now hopeful of a similar outcome for the second most valuable cryptocurrency by market capitalization. Things have improved since a low-key week. Gary Gensler, SEC chair said that “stay tuned” When asked about potential approval, the Ethereum ETF response was to refer back to the decision.
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Gensler currently speaks at the ICI Leadership 2024 Summit Washington, DC. In Washington, DC he discussed the digital assets industry through the SEC’s eyes. It has had a less than positive relationship with market due to its enforcer-first regulatory approach.
The US House of Representatives passed the FTI21 Crypto Bill recently, and it appears that both of these things are changing. This development is a huge step for the presence of the crypto industry in the United States. Gensler’s comments to the press regarding the Ethereum ETF led many people to believe approval was imminent.
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Source: watcher.guru