SEC Chair Gary Gensler Optimistic About US Spot Ether ETFs as Analysts Eye Early July Launch

Key Takeaways

• Gensler has spoken on the progress of the first spot Ether ETFs, emphasizing the importance of comprehensive disclosures by asset managers.
• The US crypto industry has lobbied to make digital assets a significant election issue.
• Brad Garlinghouse criticized Gensler for his comments on crypto regulation and the SEC’s delays in approving BTC ETFs.

The launch of the first spot Ether (ETH) exchange-traded funds (ETFs) in the United States is progressing well, according to Securities and Exchange Commission Chair Gary Gensler.

During a Bloomberg conference on June 25, Gensler was non-committal about the exact timing of the ETF launch and did not specify if they would be available before the November US elections.

SEC’s Gensler: Thorough Disclosure Key to Approving Bitcoin ETFs

Gensler emphasized that the crucial factor is ensuring asset managers provide comprehensive disclosures for the registration statements to become effective.

Gensler stated :

“What is in front of us — and it’s done at a staff level — is what’s called the registration statements, the disclosure statements,” Gensler added. “Again, these disclosures are really important. They’re important to investors making investment decisions.”

On May 23, the SEC approved 19b-4 filings from eight ETF applicants, but the asset managers are still refining their Form S-1 filings, which are the final documents the SEC needs to approve before trading can commence. Analysts have suggested that the SEC could greenlight these funds for trading as early as next week, the first week of July.

Crypto Industry Fights Back Against SEC Enforcement, Making Digital Assets an Election Issue

In response to a series of enforcement actions from the SEC led by Gary Gensler, the US crypto industry has invested millions and lobbied to make digital assets a prominent election issue.

Presidential candidate Donald Trump promised to terminate what he termed President Joe Biden’s “war on crypto,” while billionaire investor Mark Cuban warned that Gensler’s approach could jeopardize Biden’s chances in the election.

Gensler, when questioned about the remarks from Trump and Cuban, chose not to comment on election-related topics.

Instead he commented :

“We have a set of rules that are pretty clear. There’s nothing inconsistent about crypto securities and the securities laws. Unfortunately, there’s a number of people that are non-compliant with the laws.”