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SEC Chair Indicates Potential Delay in Approving Spot Ether ETFs

The Big Whale

— 1 min read
  • SEC Chair Gensler hints at delays for spot Ether ETF approvals.
  • 19b-4 filings approved for various asset managers, but final approvals could take months.
  • SEC chair suggests enforcement actions against crypto firms will continue.
  • SEC faces legal challenges, forced to pay $1.8 million over "bad faith conduct."
  • Spot Ether ETF approvals underway, expected launch date predicted for July 4.
  • Spot Ether ETFs approved by SEC's Trading and Markets Division, not commissioners.

Summary :
SEC Chair Gary Gensler has indicated that there may be a delay in approving spot Ether exchange-traded funds (ETFs) offered by asset managers. In an interview on CNBC, Gensler stated that the SEC's approval process for spot Ether ETFs will "take some time," suggesting that the commission may move slowly or delay signing off on S-1 registration statements. While the SEC has given the green light to 19b-4 filings from various firms, including VanEck and BlackRock, final approvals for listing and trading ETFs on U.S. exchanges could still take months. Gensler also emphasized that cryptocurrency firms were engaging in activities that traditional exchanges were not allowed to do, indicating that the commission's stance on enforcement actions was unlikely to change. The SEC has previously filed lawsuits against Ripple, Coinbase, Binance, and Kraken. Additionally, the SEC recently closed one of its regional offices after being ordered by a Utah judge to pay $1.8 million for "bad faith conduct" in court. Despite the potential delay in spot Ether ETF approvals, the SEC has already initiated the process for eventually listing shares on exchanges. The approval of spot Ether ETFs came five months after the SEC approved several spot Bitcoin ETF applications, marking a significant development for the industry. Unlike with spot Bitcoin ETFs, the approval for spot Ether ETFs did not require a vote from the five commissioners, as they were greenlighted by the SEC's Trading and Markets Division. Gensler is expected to serve as SEC chair until 2026, while the replacement for SEC commissioner Caroline Crenshaw, whose term officially ended on June 5, is yet to be announced by U.S. President Joe Biden.

Sources :

- CoinTelegraph

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