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US SEC Chairman hints that the agency may be dragging its feet in approving spot Ether ETFs

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US SEC hints that the agency may be dragging its feet in approving spot Ether ETFs

Chair Gary Gensler of the US Securities and Exchange Commission (SEC) has suggested that the final authorizations for asset managers to provide Ethereum exchange-traded funds (ETFs) for immediate purchase and sale on exchanges could experience a delay.

Gensler said that the SEC may be delaying the approval of spot Ether ETFs, maybe because the commission is taking its time to approve S-1 registration statements.

Although the SEC authorized the 19b-4 files of many entities on May 23, the process of listing and trading ETFs on US exchanges may experience significant delays of several months owing to final certifications.

Gensler also said that crypto enterprises were engaging in illicit practices in relation to traditional exchanges, implying that the SEC’s position on regulatory measures would remain unaltered.

The US SEC has been confronted with legal actions from prominent cryptocurrency exchanges Kraken, Ripple, and Binance.

Additionally, a judge in Utah imposed a fine of $1.8 million on the SEC for engaging in “bad faith conduct” during court proceedings, which resulted in the shutdown of one of its regional offices.

Last week, a federal court ordered the SEC to pay Debt Box $1.8 million in legal expenses. The US SEC filed a lawsuit against Debt Box in July 2023, setting off a rocky relationship.

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