The chairman of the United States Security and Exchange Commission, Gary Gensler, stated that the Ethereum ETF have no major hurdles and going steadily toward approval.
Gensler didn’t comment on when the SEC will approve Eth ETF, but analysts predicted that the approval may come as soon as next week.
During the Bloomberg conference on June 25, Gensler avoided providing a timeline for ETH ETF’s approval and remained silent when asked if they would be available before U.S. elections in November.
“It’s really about the asset managers making the full disclosure so that those registration statements can go effective,” Gensler said.
“What is in front of us — and it’s done at a staff level — are the registration statements, the disclosure statements,” He added. “Again, these disclosures are really important. They’re important to investors making investment decisions.”
On May 23, the SEC approved 19b-4 filing for 8 ETFs. However, asset managers are still adjusting their Form S-1 filings, which the SEC must approve before the ETFs can start trading.
SEC’s Ongoing Review Process for Ethereum ETFs
The U.S. crypto industry has spent millions, trying to make digital assets a key election issue, especially after numerous enforcement actions from the Gensler-led SEC.
Presidential hopeful Donald Trump vowed to end what he termed President Joe Biden’s “war on crypto,” while billionaire investor Mark Cuban suggested that Gensler’s actions could “literally cost Joe Biden the election.”
“We have a set of rules that are pretty clear. There’s nothing inconsistent about crypto securities and the securities laws,” Gensler added. “Unfortunately, there’s a number of people that are non-compliant with the laws.”
Gensler stated that up to 20,000 crypto tokens are considered securities under U.S. law and do not provide adequate disclosure to American investors.
“This is a field that the leading lights from a couple of years ago are either in jail, about to go to jail, or are awaiting extradition,” he said.
“We’re bringing that in front of courts, and those will play out because folks that are not complying with the law hurt the American public,” he added.
On X, Ripple CEO Brad Garlinghouse slammed Gensler’s comments as “absolute nonsense,” claiming the SEC boss “completely missed FTX.” He added:
“Gensler will cause Biden to lose the election.”
