Ethereum ETF approval is successfully creating echoes in the crypto market. We have reports that say this has led to more people considering crypto investments. This has also increased the demand for Ethereum in the market.
The SEC approval on Ethereum ETFs has caused the price of the crypto to go high. However, it was already known that there needs to be another round of approval before the launch of Ether ETFs.
The whole crypto community has been anticipating the launch of Ethereum ETF. That’s when the SEC Chair announced something major about the launch of the crypto. This news piece is all about that. Let us look more into the details.
SEC on Ethereum ETF Launching And More
Gary Gensler, the Chairperson of the US SEC commented on the timing of the Ether ETFs.
He said that the exact timing for when the ETFs (exchange-traded funds) that are tied to the Ether cryptocurrency could start trading hugely depends on how quickly the issuers of the ETH ETFs respond to the US Securities and Exchange Commission.
The issuers would need to respond to the various queries that the SEC has. He was talking in an interview with the Reuters.
It was in May 2024, that the Ethereum ETFs got approval from the SEC. The applications submitted by NYSE, Nasdaq, and CBOE were approved by the SEC. They received permission to list spot ether ETFs.
Actually, this was not the expected move from the Securities And Exchange Commission (SEC) that the crypto world was anticipating. Everyone has assumed that the crypto ETF proposal may get rejected.
Especially when the SEC did not respond even after submitting the applications long ago. The SEC approval came at a time when these applications were nearing their deadline.
Currently, the Ethereum ETF funds have received the approval of the SEC. However, the registration statement of the ETF issuers is still waiting for approval.
These statements detail the disclosures made by the investors. And it requires approval before we begin trading.
Gensler stated that these registrants were self-motivated in order to be responsive to the comments that they get. However, he added that it was really up to them to decide how responsive they were.
In the interview, he was asked about the time that would take to get further approval. The questions specifically mentioned whether it would take weeks or months.
The purpose of the questions was to know more about the time that would be taken before the ETH ETFs can start trading on the platforms.
However, he chose to not answer this question and rather he declined the request to provide an answer for this.
SEC’s Spot ETF Approvals
Gary Gensler provided further inputs about the approval on spot ETF approvals by the SEC. Before this, SEC nor Gensler had provided any comments or feedback on their decisions.
Now, he has made it clear that the time when the Ethereum ETFs can begin trading on the platform is determined by the issuers. It has invited more attention to the events taking place in the crypto world.
In fact, this is a process that should involve multiple back and forths between the SEC officials as well as the ETF issues, however, now the SEC seems to be stating that it is more of a duty of the ETF issuers.
It seems that the US Securities and Exchange Commission is doing a U-turn on their actions. The ones related to the ether exchange filings.
Despite the fact that this question was raised even before seeking a reason for the reason why they are doing this, there has been no answer from their side. So far we did not receive a response from the financial enforcement body or its officials.
Also, Read: Top 3 Cryptos Set To Surge With Ethereum ETF Approval
The Bottom Line
The Ethereum ETF is definitely going to create history. There are predictions that suggest it is going to achieve all-time high prices and break records. However, we need to wait to see the future decisions that the SEC is about to take.
In the meantime, stay tuned to us at eBizMBA to not miss out on any updates. We present the latest news before you.
