ETFs
Ether ETFs expected to be approved by September
The SEC is expected to fully approve Spot Ether ETFs by September, according to the regulator’s chairman, Gary Gensler. The chairman of the Securities and Exchange Commission told senators at a budget hearing that applications to run ether spot ETFs should be completed by the end of summer.
The first round of Spot Ethereum ETF approvals took place in late May 2024. The ETH ETF approvals came as a surprise to the digital asset market as a whole. The SEC has long resisted approving the crypto-based exchange product, despite the success of a Spot Bitcoin ETF following its approval in January. Conversely, Gensler spoke of the need for patience as the process is still ongoing. However, a tighter timetable has been officially set.
Also Read: World’s Largest Bank Calls Bitcoin Gold and Ethereum ‘Digital Oil’
What’s left before the SEC approves Ether ETFs?
According to Gensler, all that remains for full approval of the Ether ETF are the registration details which are worked out at the SEC staff level. On the other hand, he and the agency still have mixed emotions on the idea of Ethereum ETFs and cryptocurrency as a whole. Gensler reiterated his complaints about the non-compliant crypto sector during the hearing and still refuses to answer whether ETH is a commodity or not. Furthermore, he claims that the CFTC is not ready to control the crypto markets.
For context, Ethereum-based exchange-traded funds (ETFs) are a type of investment fund that holds Ethereum like stocks, commodities, or cryptocurrencies. ETFs trade on exchanges similar to stocks.
Once all deposits have been approved, the first Spot Ethereum ETFs can finally be traded. From the first approval news in May, the price of ETH increased significantly. At press time, Ether is trading at 3,476.72, up nearly 18% over the past 30 days. Once full approval is achieved, the market expects Ether to reach new all-time highs, as Bitcoin did.