In a recent announcement, the Securities and Exchange Commission (SEC) made it clear that they would not delay the process as some had anticipated.
Issuers must obtain the necessary approvals for their S-1 filings before they can commence trading.
SEC Chair, Gary Gensler, emphasized that the speed at which issuers respond to SEC comments will impact the approval of spot Ethereum exchange-traded funds (ETFs) in the United States.
It appears that Gensler places the responsibility for approvals on Ether ETF issuers, indicating that the SEC will not drag out the process as some had feared.
All attention is focused on the SEC as they accepted eight 19b-4 applications for spot Ether ETFs on various U.S. exchanges on May 23. However, trading cannot begin until the necessary clearances for their S-1 registration statements are obtained. Gensler noted that the level of responsiveness from these applicants is in their hands, as reported by Reuters on June 6.
Despite previously stating on CNBC that the next steps would “take some time,” Gensler’s recent comments provide additional insight. Some believed this meant the SEC would be sluggish in approving the S-1 forms.
Just before the initial decision deadline, the SEC seemed to change its stance on spot Ether ETFs without providing a clear explanation for the shift. The SEC approved Bitcoin futures ETFs in January, with Grayscale playing a significant role in securing approval for spot Bitcoin ETFs by successfully arguing in court in January.
Furthermore, Gensler informed Reuters that the situation with Ethereum was similar, noting that the SEC team had thoroughly reviewed Ether filings and observed similarities in correlations with the Bitcoin space.
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