Chairman of the Securities and Exchange Commission (SEC), Gary Gensler, shared a positive outlook on the future of Ethereum exchange-traded funds (ETFs) during his recent appearance at a Senate Appropriations Committee hearing.
Gensler expressed confidence in the approval of S1 forms, necessary for the launch of Ethereum ETFs, by next summer. He stated, “Individual issuers are currently in the process of registration, which is progressing smoothly. I anticipate that by this summer, we will see significant developments.”
This announcement follows the SEC’s approval of Forms 19b-4 for various financial institutions, including industry giants like VanEck and BlackRock. These initial approvals signal a notable shift in the SEC’s regulatory approach, opening doors for increased institutional adoption of cryptocurrencies.
Bloomberg ETF analyst, Eric Balchunas, echoed Gensler’s optimism, suggesting that the approval process for Ethereum ETFs could move quicker than expected, drawing inspiration from the efficient handling of Bitcoin ETF approvals earlier in the year. Balchunas even speculated on a potential date for S1 approvals, pointing towards July 4, 2024.
As of the time of writing, the price of ETH stood at US$3,450.18, reflecting a 4% decline over the past 24 hours.
Disclaimer: The opinions expressed in this article, whether by the author or individuals cited, are solely for informational purposes and should not be considered as financial or investment advice. Engaging in cryptocurrency investments or trading carries inherent risks of financial loss.
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