The chairman of the US Securities and Exchange Commission (SEC) says Ethereum (ETH)-based exchange-traded products (ETFs) should receive regulatory approval by the end of the summer.
During a recent hearing in the US Senate, SEC Chairman Gary Gensler said that while the SEC partially approved Ethereum ETFs earlier this year, they won’t be fully approved for at least a few months.
“The Ethereum exchange-traded product applications that were before us on the exchanges, I think there were eight or nine, were all approved together. Individual issuers are still working on the registration process which is going smoothly.
I would imagine so [it gets done] sometime this summer.”
In May, the SEC greenlit 19b-4 filings from several financial services titans, including BlackRock, VanEck, Grayscale, Fidelity, and ARK Invest, bringing their bids to create ETH ETFs one step closer to fruition.
The SEC must now approve each company’s S-1 registration form before ETH-related ETF products can come to market.
Last week, $3 billion worth of the leading smart contract platform was delisted from the centralized exchange platforms (CEX) after the SEC approved the company’s filings.
In January, the SEC approved ETFs based on Bitcoin (BTC), the leading crypto asset by market capitalization, after rejecting them for years. Last year, a court ruled that the regulator must reconsider its position on the issue to remain consistent, as it had previously approved BTC futures ETFs.
Ethereum is trading at $3,460 at the time of writing, down 4.23% over the past 24 hours.
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