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News

Spot Ethereum ETF Approval Is Now Progressing Smoothly, SEC Chair Says

June 26, 2024 - Around 3 mins mins to read

Key Points:

  • SEC Chair Gary Gensler stated that the spot Ethereum ETF approval is progressing smoothly.
  • Eight Ethereum ETFs have received preliminary approval, but final trading depends on the effectiveness of their registration statements.
At the Bloomberg Invest Summit on Tuesday, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler stated that the process for launching spot Ethereum exchange-traded funds (ETFs) is “going smoothly.”
Spot Ethereum ETF Approval Is Now Progressing Smoothly, SEC Chair Says

SEC Chair Confirms Smooth Progress for Spot Ethereum ETF Approvals

While Gensler did not provide a specific timeline, his comments suggest that the SEC is actively reviewing applications and that spot Ethereum ETF approval could occur over the summer.

Gensler’s remarks at the summit in New York echoed similar statements he made earlier this month. Speaking before the U.S. Senate Appropriations Subcommittee on Financial Services, he discussed the ongoing spot Ethereum ETF approval process, noting that individual issuers are still working through the registration process. He emphasized the importance of full disclosure and registration before ETFs can launch.

During the summit, Gensler also reiterated his critical stance on the digital asset market. He highlighted that many cryptocurrencies are considered securities and stressed the necessity for proper disclosures to protect American investors. He mentioned that the SEC’s Division of Corporation Finance handles numerous registration statements, and it is up to asset managers to ensure accurate disclosures for the ETFs to proceed.

Last month, the SEC approved 19b-4 forms for eight Ethereum ETFs. However, firms still need their registration statements, known as S-1s (or S-3 for Grayscale, which aims to convert its Ethereum Trust to an ETF), to be effective before trading can commence. Recently, firms filed amended registration statements, detailing seed investments and fees as they await the SEC’s final approval.

Positive Signs on Spot Ethereum ETF Launch

In addition to the spot ETFs, Gensler clarified that an ETF trading Ethereum futures had already been approved last October. This approval included applications from Valkyrie Investments, VanEck Funds, ProShares, Bitwise Asset Management, and others. The pending spot ETF applications will offer investors direct exposure to Ethereum via regulated exchanges.

As Coincu reported, VanEck has filed an 8-A form for its spot Ethereum ETF product, indicating progress towards potential approval. Analysts and experts remain optimistic about the spot Ethereum ETF approval timeline, with some predicting it could occur as early as the first week of July. Bloomberg ETF analyst Eric Balchunas and Bitwise CEO Hunter Horsley have both suggested that spot Ethereum ETF trading could begin soon.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

ETH

Ethereum

ethereum etf

Gary Gensler

S-1

SEC

Spot Ethereum ETF

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
News

Spot Ethereum ETF Approval Is Now Progressing Smoothly, SEC Chair Says

Key Points:

  • SEC Chair Gary Gensler stated that the spot Ethereum ETF approval is progressing smoothly.
  • Eight Ethereum ETFs have received preliminary approval, but final trading depends on the effectiveness of their registration statements.
At the Bloomberg Invest Summit on Tuesday, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler stated that the process for launching spot Ethereum exchange-traded funds (ETFs) is “going smoothly.”
Spot Ethereum ETF Approval Is Now Progressing Smoothly, SEC Chair Says

SEC Chair Confirms Smooth Progress for Spot Ethereum ETF Approvals

While Gensler did not provide a specific timeline, his comments suggest that the SEC is actively reviewing applications and that spot Ethereum ETF approval could occur over the summer.

Gensler’s remarks at the summit in New York echoed similar statements he made earlier this month. Speaking before the U.S. Senate Appropriations Subcommittee on Financial Services, he discussed the ongoing spot Ethereum ETF approval process, noting that individual issuers are still working through the registration process. He emphasized the importance of full disclosure and registration before ETFs can launch.

During the summit, Gensler also reiterated his critical stance on the digital asset market. He highlighted that many cryptocurrencies are considered securities and stressed the necessity for proper disclosures to protect American investors. He mentioned that the SEC’s Division of Corporation Finance handles numerous registration statements, and it is up to asset managers to ensure accurate disclosures for the ETFs to proceed.

Last month, the SEC approved 19b-4 forms for eight Ethereum ETFs. However, firms still need their registration statements, known as S-1s (or S-3 for Grayscale, which aims to convert its Ethereum Trust to an ETF), to be effective before trading can commence. Recently, firms filed amended registration statements, detailing seed investments and fees as they await the SEC’s final approval.

Positive Signs on Spot Ethereum ETF Launch

In addition to the spot ETFs, Gensler clarified that an ETF trading Ethereum futures had already been approved last October. This approval included applications from Valkyrie Investments, VanEck Funds, ProShares, Bitwise Asset Management, and others. The pending spot ETF applications will offer investors direct exposure to Ethereum via regulated exchanges.

As Coincu reported, VanEck has filed an 8-A form for its spot Ethereum ETF product, indicating progress towards potential approval. Analysts and experts remain optimistic about the spot Ethereum ETF approval timeline, with some predicting it could occur as early as the first week of July. Bloomberg ETF analyst Eric Balchunas and Bitwise CEO Hunter Horsley have both suggested that spot Ethereum ETF trading could begin soon.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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