The spot Ethereum ETF applications have been sitting on the SEC’s desk for a while now.
During a recent interview with Bloomberg, Gary Gensler commented on these applications, stating they are "going smoothly."
Analysts believe we might see an approval during the first week of July.
The Ethereum ETF issue is quickly becoming a political discussion, with Brad Garlinghouse speculating that Gensler might cost Biden the elections.
The ongoing spot Ethereum ETF applications have been sitting on the SEC's desk for quite some time now, especially with the issuers awaiting the regulator's S-1 filing approvals.
However, amid the constant delays, Gary Gensler, the SEC Chair himself, has been dropping highly positive hints in favour of approval this year.
Aside from comments from earlier in June about the Ethereum ETF approvals coming this summer, Gensler stated in an interview with Bloomberg that the journey towards launching the spot Ethereum ETFs is "going smoothly".
When will we see these approvals? What does Gensler have to say about this?
Let’s find out.
Security and Exchange Commission chair Gary Gensler spoke at a Bloomberg conference this week on 25 June.
During this interview, the SEC Chair emphasized the importance of full disclosure by the asset managers who intend to offer these spot ETFs to customers.
Gensler noted that the approval process for these exchange-traded products needs thorough scrutiny to protect investors during the decision-making process.
ETF applications are going "smoothly."
Keep in mind that earlier on 23 May, the SEC approved eight initial filings and is working on approving their final submission.
“I don’t know the timing, but it’s going smoothly,” the SEC chair said. “It’s really about the asset managers making full disclosure so that those registration statements can go effective.”
The SEC chair remained tight-lipped when asked about the exact date for these Ethereum ETF approvals.
However, despite Gensler’s avoidance of a specific launch date, some analysts, like Bloomberg's Eric Balchunas, are optimistic about approval as early as the first week of July.
So far, crypto and ETF applications are quickly becoming political issues, especially with the SEC's harsh stance against crypto and former U.S. President Donald Trump vowing to end Joe Biden's "war on crypto."
Gensler stressed during the initial interview that "there's nothing inconsistent about crypto securities and the securities laws" and that the SEC's "harsh" enforcement approach results only from people continuously breaking laws.
However, Ripple CEO Brad Garlinghouse didn't take this too kindly.
He criticized Gensler’s comments, calling it “absolute nonsense” and accusing the SEC Chair of incompetence.
Moreover, Garlinghouse also mentioned that the SEC and Gensler missed some of the most significant violations of securities laws, including the FTX collapse.
Garlinghouse went as far as claiming that Gensler's actions might even cost President Biden in the incoming elections.
Overall, as the SEC continues to push through the ongoing spot Ethereum EtF applications and enforce securities regulations simultaneously, the outcome of the ongoing process might have major implications for the future of crypto and other digital assets in the U.S. financial markets.
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