SEC Chair Gary Gensler The regulatory authority expects the approval of the location Ethereum S-1 ETF registration forms “sometime over the course of this summer,” This would be the last step to launch the fund in the US.
Gensler said that ETFs could be launched by the end summer, before November’s presidential elections.
Watchdogs recently approved related 19b-4 application filed by stock exchanges back in May. The approval of S-1 forms submitted by individual issuers has not yet been granted.
Gensler said during a Senate hearing On June 13, that’s:
“Individual issuers are still working through the registration process. That’s working smoothly.”
Bill Hagerty thanked Gensler’s assurances to him about the approval of the applications before the summer ended. He also said:
“We’ve gotta get this market.”
Launch schedule for commodity classification
Gensler’s timeline aligns with predictions Recent industry expert comments.
Bloomberg ETF analyst suggested Approval of the S-1 documents could be taken “weeks” You can also find out more about the following: “months” Following the 19b-4 Approvals. JP Morgan and others have forecast that ETFs are set to begin trading. before the November elections.
The introduction of Ethereum spot ETFs is expected in the US at this time, even though the S-1 has not been approved. Ethereum has been deemed a commodities by some in the market, such as legal experts. They argue that SEC’s approval as an ETF with a single asset implies the classification of Ethereum as commodity.
Gensler refused to clarify, in response to questions from the Senate, whether Ethereum should be classified as an asset or a commodity. Gensler avoided the question, and didn’t give a definitive answer. He claimed that the agency only had a vague understanding of the classification. “partially” Ethereum ETFs approved.
Meanwhile, CFTC Chair Rostin Behnam The Senator was told very clearly by him that Ethereum should be treated as a commodity under his supervision.
Concerns over budget stipulation
Gensler addressed also the SEC’s budget request for fiscal year 2025, underlining the growth and significant changes on the market. He stated:
“Our limited resources contrast against the tremendous growth and change in our markets.”
The SEC oversees about 40,000 companies, including 13,000 funds registered, 15400 investment advisors and 3300 brokers-dealers.
Gensler voiced concern about a clause in the funding bill for fiscal year 2025 of the House Appropriations Committee that restricts the use of funds for enforcement actions relating to digital assets transactions except in cases of fraud or manipulation.
Gensler said:
“It would seriously undercut our efforts. While not all cryptos are crypto securities… those that are have an obligation to disclose to the public full, fair, and complete information.”
He emphasized the SEC’s crucial role in protecting and maintaining investor trust. He stressed that adequate funding is needed to keep up with rapidly changing markets and technology advancements.
“He told the Senate that:
“The SEC is the cop on the beat watching out for the investing public and issuers.”
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Source: cryptoslate.com