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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
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Breaking News: Is The Approval Of Crypto ETFs At Risk? SEC Operations Frozen By Gov. Shutdown
Ethereum

Ethereum ETFs Approaching Full Approval, SEC Chair Indicates Summer End Timeline

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Ethereum
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a significant regulatory shift, the US Securities and Exchange Commission (SEC) partially approved the long-awaited Ethereum ETF filings submitted by prominent asset managers three weeks ago, including BlackRock and Grayscale. 

SEC Chairman Gary Gensler has indicated that full approval for these Ethereum ETFs could come by the end of the summer, providing much-needed clarity for investors eagerly awaiting this decision.

Senate Hearing Reveals Potential Approval Of Ethereum ETFs

During a Senate Banking Committee hearing on Thursday, Chair Gensler, responding to queries from Senator Bill Hagerty, expressed his belief that spot Ethereum ETFs will likely receive approval by the end of the summer. 

This timeline aligns with the end of the summer season on September 22, potentially paving the way for S-1 approval of the Ethereum ETFs just in time for the November US elections, where crypto has become a prominent issue in the race for the White House. 

Related Reading: Ripple And Archax Deepen Partnership To Tokenize RWAs Worth Millions On XRPL

The hearing also touched upon the regulatory challenges posed by the rapidly evolving cryptocurrency industry. Senator Richard Durbin inquired about the Commodity Futures Trading Commission’s (CFTC) ability to regulate crypto assets effectively. 

Gensler highlighted the need for “proper resources and a well-defined disclosure” regime at the CFTC. Senator Hagerty stressed the importance of regulatory clarity, urging the SEC to foster an ecosystem that prevents the offshore migration of the crypto industry. 

Gensler countered by differentiating between unlawful activities, personal preferences, and the need for regulatory clarity, suggesting a distinction between disliking the law and the lack of clarity.

Interestingly, Gensler referenced the SEC’s approval of futures Ethereum ETFs last year but refrained from providing a definitive answer when asked whether he considered Ethereum a commodity. 

This ambiguity highlights the ongoing debate surrounding the classification of cryptocurrencies and the jurisdictional dispute between the SEC and the CFTC.

CFTC And SEC Clash Over Crypto Classification

It is worth noting that the CFTC had previously reaffirmed its stance, classifying Ethereum and several other cryptocurrencies as commodities, further fueling the battle for regulatory oversight within the digital asset industry. 

This contrasts the SEC’s position, spearheaded by Chair Gensler, which currently designates only Bitcoin as a commodity, leaving other cryptocurrencies, including Ethereum, outside this classification.

The ongoing struggle over cryptocurrency classification has a history, exemplified by the CFTC’s lawsuit against Binance last year, where Ethereum and Litecoin were also deemed commodities. 

Related Reading: MicroStrategy Latest Move: Sell Stocks, Buy Bitcoin Worth $500 Million

Ultimately, this latest development underscores the need for resolution and regulatory clarity within the cryptocurrency ecosystem to ensure a robust and well-functioning industry.

Ethereum ETFs
The daily chart shows that ETH’s price is trending downwards. Source: ETHUSD on TradingView.com

At the time of writing, ETH was trading at $3,450, down 4% in the 24-hour time frame, led by Bitcoin, which also fell to the $66,900 level, down over 3% in the same time frame. 

Featured image from DALL-E, chart from TradingView.com 

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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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