SEC Chairman Gary Gensler made an appearance at the Bloomberg investment summit, stating that the listing process for the Ethereum spot ETF is “proceeding smoothly,” but he is not certain about the specific approval time.
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Gary Gensler: Approval depends on the issuer
Gary Gensler reiterates illegal activities in the crypto industry
Gary Gensler: Approval depends on the issuer
On 5/23, the SEC officially approved the 19b-4 form for eight Ethereum spot ETFs, and the S-1 registration statement needs to take effect when these products are officially traded.
In this regard, Gensler pointed out:
ETH, like BTC, related futures products have long been traded on US securities platforms, and the continuous revision of the application details for spot ETFs, such as 19b-4, registration statements, and other documents, is crucial for investors. I don’t know the exact approval timing, but the progress is smooth.
Gensler added that the entire process is actually about whether these asset management companies can improve information disclosure so that the registration statement can take effect, and SEC personnel have dealt with thousands of similar cases in the past. The approval really depends on whether the asset management companies make appropriate information disclosure.
Previously reported, Bloomberg ETF analyst Eric Balchunas predicted that the Ethereum spot ETF will be launched next week, and Gensler also stated at a mid-June hearing that the approval would be completed in the summer.
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SEC Gary Gensler: Ethereum spot ETF will be approved this summer
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Gary Gensler reiterates illegal activities in the crypto industry
Gensler unsurprisingly reiterated his concerns about most cryptocurrencies being securities, and stated that crypto platforms have failed to comply with their rules.
He also condemned most crypto projects for not being truly decentralized:
There are 20,000 different tokens in the market, provided in the form of investment contracts, and the American public has not received proper information disclosure. In the intermediary market of the crypto industry, those so-called exchanges have hundreds of products on their platforms. Please think about it, which of these products (crypto projects) do not have a group of entrepreneurs intervening?
Regarding the host’s mention of billionaire Mark Cuban’s statement that Biden might lose the presidential election because of the SEC’s strong regulation, Gensler emphasized that he does not talk about elections, and everything he does is simply what a securities regulator should do.
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Mark Cuban says cryptocurrency is a key issue in the US election: Biden may lose the election because of the SEC
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Ethereum spot ETF
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SEC Gary Gensler: Ethereum spot ETF will be approved this summer