Ethereum
SEC Chairman: Ethereum ETFs (ETH-USD) could arrive this summer
Earlier today, SEC Chairman Gary Gensler spoke about the Ethereum spot approval timeline (ETH-USD) exchange-traded funds (ETFs) during a Senate hearing. According to The Block, when Republican Senator Bill Hagerty asked him about it, Gensler said approvals could happen this summer and mentioned that issuers were going through the process without issue. The SEC gave the green light to scout Ethereum ETFs on May 23, and experts believe trading could begin around July or August.
However, Senator Hagerty criticized Gensler’s handling of crypto regulation, saying SEC hurdles are pushing U.S. companies to set up operations overseas. He stressed the need for clear rules to help the United States take the lead in this innovative sector. Hagerty pointed out that other countries are creating favorable regulations while the United States faces uncertainty. A report from Coinbase showed that only 26% of crypto companies are now based in the United States.
It appears that Republicans have started to jump into the cryptocurrency industry. In fact, Donald Trump recently said that all Bitcoin mining should be done in the United States and that he will protect the industry from Senator Elizabeth Warren’s anti-crypto stance.
Will ETH explode?
Despite the positive news for ETFs, the Ethereum price remained lower at the time of writing. Always, using TipRanks’ technical analysis tool, indicators seem to point towards a positive outlook. Indeed, the summary section illustrated below shows that 11 indicators are bullish, compared to three neutral indicators and eight bearish indicators.