The Chair of the US Securities and Exchange Commission (SEC), Gary Gensler, has confirmed that the process of launching a spot Ether exchange-traded fund (ETF) is “going smoothly.”
Gensler spoke at the Bloomberg Conference on June 25 but failed to mention the exact date when these ETFs would launch.
The recent statement comes around two weeks after the SEC Chair announced plans to have the ETH ETFs approved this summer.
The SEC approved the 19b-4 forms for the spot ETH ETFs on May 23. Eight applicants are awaiting the final approval of the S-1 registration documents for the products to start trading on US exchanges.
Spot ETH ETF Approval Is “Going Smoothly”
While speaking at the conference, Gensler noted that asset managers needed full disclosures in their registration statements.
The SEC Chair stated that such disclosures were necessary for the spot ETH ETFs to be deemed effective.
the SEC Chair said,
What is in front of us – and it’s done at a staff level – is what’s called the registration statements, the disclosure statements.
Earlier, Bloomberg ETF analyst Eric Balchunas predicted that Ether ETFs would launch on July 2.
The analyst noted that the regulator would want to have the product’s launch before the US holiday weekend.
All eight applicants for the ETH ETFs have already sent their amended S-1 registration documents. The ball is now in the SEC’s court for final approval.
Crypto Is Now an Election Issue
At the Bloomberg Conference, Gensler was also confronted with whether the crypto industry will play a role in influencing the outcome of the US Presidential election in November.
However, Gensler noted that he would not talk about the upcoming elections and would instead clarify the guidelines for crypto securities and securities laws.
The SEC Chair has been adamant in regulating the cryptocurrency industry through enforcement, in a move that many say could see US President Joe Biden lose support from the crypto community.
Billionaire investor Mark Cuban has previously said that Gensler’s anti-crypto stance would “cost Biden the Presidency.”
The “Shark Tank” investor believes that Gensler was the main problem for crypto companies operating in the US.
Skybridge Capital Founder Anthony Scaramucci has also urged the Biden administration to ignore Gensler’s anti-crypto stance.
According to Scaramucci, the US Presidential election had a “razor-thin” margin, and Biden needed all the votes he could get.
On the other hand, former US President Donald Trump has continued to position himself as pro-crypto.
Earlier this month, Trump promised to support the Bitcoin mining industry if elected US President. He further said that he would emerge as a “crypto president” if he took over office.
The Trump Presidential Campaign accepts donations in cryptocurrencies, including Bitcoin, Ether, Dogecoin, and Shiba Inu. His pro-crypto remarks have also seen him earn unexpected support from the crypto community.
Recently, the co-founders of Gemini donated $2 million worth of Bitcoin to the Biden Presidential Campaign.
