Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Gensler says Ethereum ETF S-1 approvals likely 'over the course of this summer'

Gensler says Ethereum ETF S-1 approvals likely 'over the course of this summer'

The BlockThe Block2024/06/13 16:43
By:The Block

SEC Chair Gary Gensler estimated that the S-1 approvals for spot ether ETFs could occur sometime by the end of this summer. A Tennessee Senator also chastised Gensler’s rule-making for the cryptocurrency industry, stating that the agency’s “roadblocks” have spurred U.S. companies to move abroad.

U.S. Securities and Exchange Commission Chairman Gary Gensler gave comments related to the timeline of spot ether exchange-traded fund listing approval in a Thursday hearing at the United States Senate Committee on Appropriations.

When U.S. Sen. Bill Hagerty (R-TN) asked Gensler about the approval process for ether ETFs, Gensler estimated the approvals to occur sometime this summer.

"Individual issuers still are working through the registration process. It's working smoothly," Gensler said, adding that listing approval could occur "sometime over the course of this summer."

On May 23, the SEC approved spot ether exchange-traded funds (ETFs) to be listed. Industry leaders predicted that, after approvals, their trading could occur sometime in July or August , and likely before November .

Spot ether ETFs give investors exposure to ethereum , the second largest cryptocurrency by market capitalization, without having to hold the asset itself.

American crypto pushed offshore

Hagerty also chastised Gensler's rule-making for the cryptocurrency industry, stating that the agency's "roadblocks" have spurred U.S. companies to move abroad.

"You're not prioritizing rule-making for areas that desperately need it," Hagerty said. "And here I'm talking about setting in place a constructive set of rules of the road for the crypto industry. This is an innovative industry. It's an industry that the United States should be leading on."

"Yet other jurisdictions in other countries are setting up rules for their ecosystems. Yet what happens here with the SEC and with the CFTC is constant roadblocks and a lack of certainty," the Senator continued. "And what's happening is that this innovative industry is finding itself increasingly pushed offshore. I don't think that's the result that we want to have here in America."

A Coinbase report found that the United States has consistently lost its crypto developer share over the past five years, with only 26% of crypto firms based in America. Even Former President Donald Trump, the presumptive Republican candidate for this November's election, joined the cause this week, hosting several bitcoin miners at his Palm Beach resort.

"Bitcoin mining may be our last line of defense against a [Central Bank Digital Currency]," Trump said in a post on his Truth Social platform, adding that his administration wants all remaining bitcoin mining to be mined in the United States.


0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!