SEC Chair: Ethereum ETF S-1 Filings Could Be Approved Later This Summer
Key Points:
The wait may soon conclude, as SEC Chair Gary Gensler has hinted at a potential approval timeline, suggesting that the Ethereum ETF S-1 filings could be approved by the end of this summer, likely between June and August.
In a recent communication, Gensler informed Senator Bill Hagerty of his expectation of the approval process for the Ethereum ETF S-1 filings. This update, reported by Fox journalist Eleanor Terrett, aligns with Gensler’s comments during a Senate Appropriations Committee hearing. Gensler stated that after the initial approval of a group of ETFs, the remaining registration requirements—specifically the S-1 filings—are being processed at the staff level.
Once these filings receive approval, the new ETFs can be listed, potentially revolutionizing the market by offering easily tradable funds that hold actual ether, mirroring the earlier establishment of Bitcoin spot ETFs.
According to CoinDesk, during the same Senate hearing, Gensler avoided directly classifying Ethereum (ETH) as a commodity. This contrasts with Commodity Futures Trading Commission (CFTC) chief Rostin Behnam, who unequivocally confirmed that ETH is a commodity. Gensler’s non-committal stance continues the SEC’s ambiguous position on Ethereum’s classification.
Additionally, Gensler highlighted the challenges posed by the permissionless nature of blockchain technology, particularly in ensuring compliance with anti-money laundering regulations within the decentralized finance (DeFi) sector.
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