SEC chair Gary Gensler The timeline for the spot Ethereum ETF launches depends on how quickly applicants respond to the regulator’s questions and comment on reasons for approvals.
Gensler spoke to Reuters about the incident. June 5 The firms are “self-motivated”To answer SEC’s comments, and determine whether they are responsive.
According to previous reports, the SEC is expected to comment on eight ETFs that have recently modified their S-1 registration. After submitting further modifications, the applicants will launch each product.
Gensler has not said whether it will take weeks, or months.
Grayscale ETH stance
SEC chairman said Grayscale’s legal win, which paved the path for spot Bitcoin ETF approvals, had also influenced the SEC’s stance on spot ETH products.
Grayscale made the case for Bitcoin ETFs on the basis of correlations between Bitcoin futures and spot markets. The SEC had approved Bitcoin futures and Ethereum ETFs previously.
Gensler said in the past that it was the SEC’s legal decision which led to the approval of the Bitcoin ETFs on the spot by the SEC back in January. He did not connect the outcome to the SEC’s stance on ETH until recently.
Gensler told Reuters that market correlations were key to the SEC’s approval of the latest spot Ethereum ETFs. He stated:
“[SEC staff] looked at these (ether) filings … the correlations are relatively similar to the correlations in the bitcoin space.”
Gensler was interviewed by CNBC
Gensler had similar remarks in an article published on 5 June CNBC interview. saying that the launch of spot ETH ETF could “take some time.” He did not speculate on a launch date.
Gensler said that in the SEC’s latest decision, the SEC has compared spot Ethereum to Ethereum Futures. Gensler told CNBC that ETH ETFs for futures trading have been traded by the Chicago Mercantile Exchange since more than three year.
Experts have speculated about a possible launch date. Bloomberg ETF Analyst Eric Balchunas predicted that ETFs would launch in the end of June The date of July 4 was called an “over/under” date.
Polymarket, a betting community based on crypto stakes, shows 57 percent odds of the money trading in by July 4.
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