SEC Chair Gary Gensler has expressed that the approval process for Ethereum (ETH) exchange-traded funds (ETFs) in the spot market is progressing smoothly. During an interview at the Bloomberg Invest Summit, Gensler indicated that the SEC will eventually grant final approval for the ETH ETF applications, but he did not provide a specific timeline. He mentioned that the agency’s staff is currently working on the necessary registration and disclosure statements for these ETFs. Gensler emphasized that it is crucial for asset managers to ensure full disclosure so that the registration statements can become effective. He also acknowledged that the Division of Corporation Finance handles such matters regularly. Bloomberg’s ETF expert Eric Balchunas recently predicted that ETH ETFs may receive approval by July 2nd.
In the same interview, Gensler criticized the crypto sector, describing it as highly centralized. He pointed out that contrary to the notion of decentralization, the field revolves around a few platforms that also consolidate and commingle activities that would not be permitted elsewhere. Gensler stressed that trading against customers, operating an exchange, and engaging in investment contracts or securities while listing and benefiting from the listing pop are all potentially happening within the crypto space. He noted that some prominent figures from the industry who would have commanded a large audience are now imprisoned or awaiting imprisonment.
