The Chairman of the U.S. Securities and Exchange Commission (SEC) says that Ethereum (ETH)-based exchange-traded products (ETFs) should be approved by the regulatory agency by the end of the summer.
Speaking at a recent US Senate hearing, SEC Chair Gary Gensler says that while the SEC partially approved Ethereum ETFs earlier this year, they won’t be fully approved until at least a few months.
“The Ethereum exchange-traded product filings that were in front of us from stock exchanges, I think there were eight or nine of them, were all jointly approved. Individual issuers are still working through the registration process that’s working smoothly.
I would envision that [it gets done] sometime over the course of this Summer.”
In May, the SEC greenlit form 19b-4 filings from several financial service titans, including BlackRock, VanEck, Grayscale, Fidelity and ARK Invest, bringing their bids to create ETH ETFs one step closer to fruition.
The SEC must now approve each firm’s S-1 registration form before any ETH-related ETF products can hit the market.
Last week, $3 billion worth of the leading smart contract platform was moved out of centralized exchange (CEX) platforms after the SEC approved the company’s filings.
In January, the SEC approved ETFs based around Bitcoin (BTC), the top crypto asset by market cap, after years of rejecting them. Last year, a court ruled that the regulatory agency must reconsider its stance on the matter to remain consistent as it had approved BTC’s futures ETFs prior.
Ethereum is trading for $3,460 at time of writing, a 4.23% decrease during the last 24 hours.
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