Gary Gensler hinted that approval of S1 forms of Ethereum spot ETF will be possible somewhere between June to August.
In May 2024, the United States Securities and Exchange Commission (SEC) approved multiple Ethereum spot ETF proposed applications but the approval for trading is still in the pending phase. At the time the majority of the ETF experts predicted that the SEC body may take a few weeks to a few months to give the green signal for trading of these products.
On 14 June 2024, US SEC Chairman Gary Gensler said during a Senate Appropriations Committee hearing that the S1 approval for an Ethereum ETF might be expected this summer.
Gensler confirmed that the SEC body is in progress with the ETF spot ETF applications.
Gensler stated: “Individual issuers still are working through the registration process. That’s working smoothly. And I would envision sometime throughout this summer”
Bloomberg ETF expert Eric Balchunas also shared his opinion on this latest news and said that issuers of the Ethereum ETF are still waiting for feedback from the SEC’s Division of Corporation Finance (Corp Fin) on their S-1 filings submitted two weeks ago. Corp Fin is only now reviewing these documents, possibly due to an unexpected last-minute decision driven by political factors, which surprised even them.
He also said that it is unclear if this review is being prioritized, suggesting that there could be more delays. He also expects that they might have to adjust their expectations for a decision by July 4th but this remains uncertain.
Ethereum price action
The current trade price of the Ethereum (ETH) coin is $3,500 & this trade price is 8% down over the last 7 days.
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