At the Bloomberg Invest Summit in New York, Gary Gensler, the Chair of the US Securities and Exchange Commission (SEC), stated that the Ethereum ETF applications are being approved without any major issues.
However, he did not provide a specific timeline for when these ETFs will begin trading. Gensler underscored the necessity for asset managers to provide accurate and comprehensive disclosures prior to initiating a project.
Prior to this, Gensler indirectly suggested that Ethereum Exchange-Traded Funds (ETFs) may be introduced during the upcoming summer, while VanEck, a financial company, made progress towards obtaining permission by submitting a Form 8-A.
According to Eric Balchunas, an ETF analyst at Bloomberg, it is anticipated that Ethereum ETFs could be introduced by July 2nd. In May, the SEC caused astonishment in the crypto industry by submitting 19b-4 documents, so commencing the process of seeking clearance.
Currently, the government is required to grant approval for S-1 registration forms in order to facilitate the launch of Ethereum ETFs. According to JPMorgan analysts, it is predicted that these ETFs may receive $3 billion in inflows this year, which is only a small portion of the inflows seen in Bitcoin ETFs.
Gensler emphasized the significance of openness and adherence to regulations by asset managers in order to achieve a successful launch of an Ethereum ETF. The Ethereum ETF approval process is progressing, and the cryptocurrency market eagerly anticipates further developments.
The introduction of Ethereum ETFs represents a significant advancement that has the potential to broaden the availability of Ethereum investment opportunities.
