SEC Chair Predicts Summer 2024 Approval for Spot Ether ETF S-1s

During a recent Senate Banking Committee hearing focused on U.S. President Joe Biden’s 2025 budget proposals for the Securities and Exchange Commission (SEC), Chair Gary Gensler indicated that approvals for spot Ether exchange-traded funds (ETFs) might happen within the next three months. Speaking on June 13, Gensler mentioned that the SEC expects to authorize S-1 registration statements for asset managers “sometime over the course of this summer.”

Previously, on May 23, the SEC approved 19b-4 filings from eight distinct companies. These applications still require the S-1 approvals to initiate trading on U.S. exchanges. Tennessee Senator Bill Hagerty probed Gensler on the delay in giving full approval to Ether ETFs. Hagerty accused Gensler of not prioritizing the development of clear regulatory guidelines for the cryptocurrency sector. Though the Commodity Futures Trading Commission Chair Rostin Behmam classified Ether as a commodity in response to Hagerty’s inquiries, Gensler refrained from a direct answer and instead spoke about the state of Ether ETFs.

Gensler highlighted that multiple filings concerning Ethereum exchange-traded products from various stock exchanges had been approved jointly. He indicated that the individual issuers were still navigating the registration process smoothly, expressing confidence that the ETFs might be approved “sometime over the course of this summer.” Despite the regulatory green light given to 19b-4 filings on June 5, Gensler stated in an interview that final spot Ether ETF approvals would require more time.

Bloomberg ETF analyst Eric Balchunas suggested a possible launch of these Ether products on U.S. exchanges in June, with an expected final SEC approval by July 4. ETF analyst James Seyffart echoed this timeline by stating his confidence that Ether ETFs would be available at some point during the summer, even though his July prediction was more of an educated guess.

Earlier in January, the SEC had approved 194-b filings for spot Bitcoin ETFs, demonstrating a precedent in the regulatory process. These Bitcoin investment vehicles began trading a day later, marking a swift approval-to-trading timeline. For instance, one of the initial ETFs to start trading was BlackRock’s iShares Bitcoin Trust on the Nasdaq, emphasizing the speed with which the SEC can operate once the S-1 prospectuses are signed off.

Several other firms, including Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton, have also received approval for their 19b-4 filings. Despite these approvals, the sequence in which these companies will gain full certification remains unclear as they await the final clearance of their S-1 registration statements.

The uncertainty around Ether ETF approvals has stirred both anticipation and frustration among investors and lawmakers, highlighting the SEC’s critical role in shaping the future of cryptocurrency investment products in the United States. As these developments unfold, the SEC’s decisions could significantly impact the crypto market, either providing much-needed clarity and legitimacy or further complicating the investment landscape.

Given the productive discussions and growing interest among legislators and the public, the SEC’s forthcoming decisions on Ether ETFs are highly anticipated. Still, the exact timeline remains uncertain, and it would take several weeks or even months before any final approvals are issued.

The ongoing conversation in financial circles suggests a growing demand for structured and regulated cryptocurrency investment options. As such, SEC’s role in diligently steering these processes is crucial for ensuring a balanced market approach between innovation and regulatory compliance.

Jacenta Sica

Jacenta Sica

40 thoughts on “SEC Chair Predicts Summer 2024 Approval for Spot Ether ETF S-1s

  1. Gensler’s comments are just smoke and mirrors. Investors need real action, not empty words. Another summer promise we can’t trust. 😠

  2. Seriously, Gensler? More delays on Ether ETFs? Investors are getting tired of waiting! This is just dragging on way too long. 🚫

  3. Another summer promise? Gensler, we’ve heard this before. Tired of the same old excuses. 😤

  4. Exciting development from the SEC! Ether ETFs might hit the market this summer. This is a significant boost for crypto!

  5. A summer launch for Ether ETFs sounds perfect! Looking forward to more regulatory clarity from the SEC.

  6. It’s frustrating to see the SEC dragging their feet on Ether ETFs when they quickly approved spot Bitcoin ETFs earlier this year. What’s the holdup? 🤷

  7. Sounds like more empty promises from Gensler again. Summer might come and go with no Ether ETFs in sight. 😔

  8. Great to see the SEC making strides with crypto regulations! Spot Ether ETFs might be available by summer!

  9. Enough with the delays, SEC! Investors want clear and timely decisions on Ether ETFs, not endless bureaucratic holdups.

  10. Wow, the SEC is really moving forward! So excited for the potential launch of Ether ETFs this summer. 🌞📈

  11. SECs slow pace on Ether ETFs is infuriating. Who can invest confidently with this level of unpredictability?

  12. Incredible progress! SEC and Ether ETFs by summer sounds like a perfect combination!

  13. When will the SEC stop holding back on crypto innovation? The delay on Ether ETF approval is just another example of their incompetence. 😠

  14. Super excited about the possible launch of Ether ETFs by summer! Can’t wait to see how this transforms the market.

  15. Summer Ether ETFs? Yes, please! 🌞 Gensler’s updates show the SEC is on the right track!

  16. The SEC’s proactive approach to Ether ETFs is promising. Looking forward to a summer filled with new investment opportunities!

  17. Super thrilled about the summer target for Ether ETF approvals! Kudos to Gensler for pushing this forward!

  18. Can’t wait for the final approval of Ether ETFs. Gensler’s updates are promising for the crypto world!

  19. Ether ETFs by summer would be a massive step forward! Fingers crossed for SEC approvals!

  20. Not impressed by the SEC’s handling of Ether ETFs. How hard is it to get these approved already? 🤔

  21. Fascinating hearing with some solid updates. Ether ETF approvals can’t come soon enough!

  22. Massive news from Gensler and the SEC! Approving Ether ETFs by summer sounds fantastic!

  23. Genslers non-committal answers are not reassuring at all. We need decisive action, not endless hedging.

  24. Big shoutout to Gensler for laying down the path for Ether ETFs. The crypto community is buzzing! Bring on summer!

  25. Finally, some clarity from the SEC on Ether ETFs! The promise of a summer launch is exciting. 🌞🚀

  26. Ether ETFs on the horizon! The SEC’s movements are key to mainstreaming cryptocurrency investments.

  27. This could be a milestone moment for crypto! Gensler and the SEC are paving the way for mainstream adoption of Ether ETFs.

  28. Finally, some positive news about Ether ETFs! The summer launch could open new investment avenues. Can’t wait!

  29. The SEC is moving at a snail’s pace with Ether ETFs. At this rate, we might get them by 2030!

  30. Big news! Ether ETFs might be approved by summer. Gensler and the SEC are doing a fantastic job! 🏦🌐

  31. Finally, some progress on Ether ETFs! Gensler’s comments are reassuring. Let’s get these approvals rolling! 🏦

  32. The SEC needs to stop with the vague promises and actually deliver on Ether ETF approvals. This is getting ridiculous. 😡

  33. SEC making solid moves with Ether ETFs. By summer, we might have a new way to invest in crypto! 🌞📊

  34. Summer can’t come soon enough! The potential approval of spot Ether ETFs could redefine investment strategies.

  35. Cant believe Gensler is still stalling. Other countries are moving forward with crypto, and we’re just stuck here waiting.

  36. Ether ETF approvals on the horizon! SEC’s progress is a win for crypto investors everywhere!

  37. Absolutely thrilled to hear Gensler’s optimism on Ether ETFs! This could be a game-changer for the crypto market!

  38. Why does the SEC keep dragging its feet on Ether ETFs? Feels like we’re always stuck in regulatory limbo! 🤷‍♀️

  39. What’s taking so long?! The SEC needs to get its act together and approve these Ether ETFs. Fed up with the uncertainty. 😡

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