Speaking before the Senate Appropriations Committee, SEC Chairman Gary Gensler said he anticipates S-1s for spot Ethereum ETFs will be approved by the end of the summer.
Fox correspondent Eleanor Terrett shared details of the Ethereum ETF conversation between SEC Chairman Gary Gensler and US Senator Bill Hagerty.
While Gensler said “through this summer,” Hagerty said “by the end of the summer.”
“I would dream sometime during this summer…” Gensler said in response.
“If you're telling me these applications will be approved by the end of the summer, I appreciate that,” Hagerty said. said”
Clarifying on details here: Gensler said “over the course of this summer” and Hagerty said “by the end of the summer.”
Gensler: “I would envision sometime over the course of this summer…”
Hagerty: “If you’re indicating to me that those applications will be approved by the end… https://t.co/zJiI3reNZT
— Eleanor Terrett (@EleanorTerrett) June 13, 2024
Along with Gensler, CFTC Chairman Rostin Behnam also speaks to the Senate Appropriations Committee.
Both Gensler and Behnam were asked whether ETH is a commodity.
The SEC chairman did not give a clear yes or no answer to the question of whether ETH is a commodity, maintaining his agency's ambiguous position on ETH.
At the same hearing, CFTC Chairman Behnam answered “Yes” to the question of whether ETH is a commodity.
As it is known, in May, the SEC approved applications called 19b-4 for spot Ethereum ETFs. However, before Ethereum ETFs can begin trading, the SEC must also approve S-1 filings.
While market analysts thought that approval for S-1 applications for ETH ETFs would come in June and July, the SEC Chairman made a statement that was partially consistent with these predictions.
Etheruem continues to trade at $3,518 at the time of writing.
*This is not investment advice.
