- Gensler’s remarks on Ethereum ETFs evoke speculation on SEC’s review pace.
SEC’s approval of ETH ETF listing requests hints at an evolving stance.
As an experienced analyst, I believe the recent comments from SEC Chair Gary Gensler indicate a potential shift in the regulatory body’s stance towards Ethereum [ETH] Exchange-Traded Funds (ETFs). While his statements suggest that approval is contingent upon issuer responsiveness, there seems to be a growing sense of optimism that the process may move more swiftly than before. However, it is crucial to acknowledge that this does not guarantee an imminent approval and that significant work on disclosures remains to be done.
There’s been a lot of buzz in the cryptocurrency world after SEC Chairman Gary Gensler made some recent comments.
According to a report by Reuters, Gensler implied that the U.S. approval of ETH (Ethereum) spot Exchange-Traded Funds (ETFs) depends largely on how swiftly issuers address the Securities and Exchange Commission’s (SEC) comments. In simpler terms, if ETF issuers respond promptly to the SEC’s feedback, it could potentially expedite the approval process for these funds in the United States.
As a crypto investor, I understand that these registrants have the autonomy to address the comments they receive. However, the level of engagement is ultimately in their hands.
Many people who had grown anxious about potential lengthy delays are now feeling hopeful following this latest development. It seems the Securities and Exchange Commission (SEC) could be shifting towards a swifter approval process.
However, in a separate conversation with the CNBC Squawk Box, Gensler said,
As an analyst, I would explain it this way: “I’m currently observing that the underlying exchange-traded products require a disclosure process before they can be made public. Although this is a necessary step, it does add some delay. Rest assured, the teams are actively working on completing this process as soon as possible.”
Some interpreted this as a sign that the commission might take their time approving the S-1 Forms.
This juxtaposition raises questions about SEC’s stance on the industry.
When discussing the broader crypto market, Gensler said,
“Regulated stock exchanges such as the New York Stock Exchange (NYSE) ensure fair trading practices and do not manipulate transactions against investors. In contrast, certain cryptocurrency exchanges engage in activities that would be unacceptable in the context of traditional stock markets.”
How did ETH react?
As an analyst, I’ve observed significant price swings in Ethereum (ETH) due to contrasting viewpoints expressed recently. Currently, ETH is being traded at $3,819.16, representing a 0.70% decrease over the past twenty-four hours.
The RSI technical indicator continued to exceed the 50 threshold, signaling robust buying activity.
Grayscale’s role in Ethereum ETF
The SEC’s change in tone on spot Ether ETFs before the deadline remains unexplained.
As a crypto investor, I’ve noticed that Gensler, the chair of the Securities and Exchange Commission (SEC), dropped some intriguing hints during his conversation with Reuters. He suggested that last year’s legal battle between Grayscale and the SEC over Bitcoin ETFs could have potentially impacted the decision-making process behind the recent approval or denial of other Bitcoin ETF proposals.
Grayscale contended that the SEC’s approval of Bitcoin futures Exchange-Traded Funds (ETFs) made a strong case for approving spot Bitcoin ETFs as well. Gensler drew a parallel to Ethereum, pointing out that Ethereum futures have been in existence since the previous year.
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2024-06-07 14:15