[Bitop Review] US SEC Chairman: Spot Ethereum ETF Approval Process “Smoothly”

The U.S Securities and Exchange Commission (SEC) chairman Gary Gensler speaks with Bloomberg’s Annmarie Hordern and said the Ethereum spot ETF is processing smoothly.

（Also read: [Bitop Review] ETH Spot ETF Approved, But Market Still Faces Potential Falls?）

The Key to Approval Is on Issuer’s Hand.

The SEC officially approved the 19b-4 form for eight Ethereum spot ETFs on May 23. Prior to these products trading, their S-1 registration statements need to become effective. Gary Gensler commented on this, stating:

“Similar to BTC, related futures products have long traded on U.S. exchanges, and continually refining details of spot ETF applications such as the 19b-4 and S-1 registration statements is crucial for investor disclosure. I don’t have an exact approval timeline, but progress is proceeding smoothly.”

Gensler added that the entire process hinges on asset management firms improving their disclosure practices so that registration statements can take effect. He noted that SEC staff have handled hundreds of similar cases in the past, emphasizing that the smooth approval depends on whether asset managers make appropriate disclosures.

Previously, Bloomberg ETF analyst Eric Balchunas predicted the launch of Ethereum spot ETFs next week, while Gensler also mentioned during a mid-June hearing that approvals are expected to be completed by summer.

（Also read: [Bitop Review] Is Spot Ethereum ETF Really Coming? Bloomberg Analyst: Could List as Early as July.）

Gary Gensler Reiterated Illegal Activities in the Cryptocurrency Industry. Gary Gensler reiterated concerns about wrongdoing in the cryptocurrency industry. He emphasized his worries about most cryptocurrencies being considered securities and criticized crypto platforms for failing to comply with their rules. He also condemned many crypto projects for lacking true decentralization:

“There are 20,000 different tokens in the market, offered as investment contracts, with inadequate disclosures to the American public. In the intermediated market of the crypto industry, those so-called exchanges have hundreds of products on their platforms. Think about which of these products (crypto projects) did not start out as a group of entrepreneurs.”

ETH slightly recovered, barely holding the $3,400 support level.

Despite the SEC chairman describing progress on spot ETFs as “smooth,” the market showed little reaction to the news. At the time of writing, Ether was trading at $3,418, up 2.41% in the past 24 hours, reclaiming some losses from the previous days but still down 3.23% over the week.

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