SEC Chairman Gary Gensler appeared at the Bloomberg Investment Summit and stated that the listing process for Ethereum spot ETF is “progressing well,” but he is not sure about the specific approval time.
Gary Gensler: Approval depends on the issuer
SEC officially approved the 19b-4 form for eight Ethereum spot ETFs on 5/23, and the S-1 registration statement for these products needs to take effect when they are officially traded.
Gensler pointed out:
ETH, like BTC, has had related futures products trading on US securities platforms for a long time, and the continuous revision of the details of spot ETF applications, such as 19b-4, registration statements, and other documents, is crucial for investors. I don’t know the exact approval time, but progress is smooth.
Gensler added that the entire process actually depends on whether these asset management companies can improve information disclosure so that the registration statement can take effect. SEC department personnel have handled thousands of similar cases in the past, and whether the approval can proceed smoothly really depends on whether the asset management companies make appropriate information disclosure.
Earlier reports indicated that Bloomberg ETF analyst Eric Balchunas predicted that the Ethereum spot ETF would be launched next week, and Gensler also expressed at a mid-June hearing that the approval will be completed in the summer.
(Gary Gensler: Ethereum spot ETF will be approved this summer)
Gary Gensler reiterates that the cryptocurrency industry violates the law
Gensler unsurprisingly reiterated his concerns about most cryptocurrencies being securities and stated that cryptocurrency platforms have not complied with their rules.
He also criticized that most cryptocurrency projects do not have so-called decentralization:
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 cryptocurrency industry, those so-called exchanges have hundreds of products on their platforms. Think about it, which of these products (cryptocurrency projects) have not been intervened by a group of entrepreneurs?
Regarding the host’s mention of billionaire Mark Cuban’s statement that Biden may lose the presidential election due to 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.
(Mark Cuban calls cryptocurrency a key issue in the US election: Biden may lose the election because of the SEC)
SEC
Ethereum spot ETF
US Securities and Exchange Commission
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SEC Gary Gensler: Ethereum spot ETF will be approved this summer