Ethereum
Ethereum ETFs likely approved by end of summer
Spot Ethereum ETF supporters claimed victory in a Senate hearing, as SEC Chairman Gary Gensler said the applications were moving forward.
Speaking to a subcommittee of the Senate Appropriations Committee, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler hinted at full regulatory approval for spot Ether (ETH) ETFs could arrive by the end of September.
Gensler said during the budget hearing On June 13, the final batch of files, known as S-1 or registration of titles, was reviewed by staff. The commission already last month approved proposed rule changes to list spot ETH ETFs, also known as 19b-4.
Although the agency’s top official confirmed that Ethereum ETF likely to begin trading soon, Gensler’s vague stance on the status of Ether’s assets continued. The SEC chairman refused to say categorically whether decentralized finance’s largest native token is a commodity or a security.
Gensler’s counterpart at the Commodity Futures Trading Commission, Rostin Behnam, took an opposing view. “Yes,” Behnam replied when asked whether ether should be classified as a commodity.
Although experts have noted that issuers have filed spot bids for ETH ETFs without security guarantees, it remains unclear how US regulators and policymakers will officially approach this asset.
However, the removal of any staking language in applications suggests that Ethereum’s proof-of-stake (PoS) consensus mechanism is likely subject to SEC review.
The securities agency has launched several enforcement actions and sent Wells notices to Ethereum-adjacent providers like Consensys and Uniswap, further reinforcing Gensler’s view on the matter. However, considering political changes In recent months, investigations into Ether’s underlying technology may also be dead.