The post Gensler Teases Upcoming SEC Decision on Ethereum ETFs: Here’s What To Expect appeared first on Coinpedia Fintech News
U.S. Securities and Exchange Commission Chair Gary Gensler recently hinted at a big decision coming up about Ethereum ETFs but didn’t give away much detail. Gensler suggested that there’s a change in how they’re thinking about these funds after some recent court decisions. Gensler didn’t reveal much but advised everyone to “stay tuned” for an important update that could significantly impact the market.
Gensler Repeats Most Cryptocurrencies are Securities
This week, political trends in Washington D.C. saw a significant move, enhancing the chances of spot ether ETFs being approved. However, this change seems to have had little impact on Securities and Exchange Commission Chair Gary Gensler’s thoughts on cryptocurrency.
Gary Gensler stated that he had no specific comments on the particular filing while speaking outside an Investment Company Institute event in Washington. He highlighted that their actions are guided by legal frameworks and judicial interpretations, to which he is deeply committed.
Read more: Ethereum ETF S-1 Discussions Begin: What to Expect Ahead
This follows his remarks made on stage at the event, where he mentioned that the agency had adjusted its position in response to the D.C. Circuit Court of Appeals decision, which had earlier rejected the SEC’s approach toward spot bitcoin (BTC) ETFs this year.
Gensler said, “There’s 15,000 or 20,000 tokens in this field. They do not operate as currency. Without prejudging any one of them [they] generally have a group of entrepreneurs, and the public is looking at white papers, looking at websites, looking at sort of those group of entrepreneurs and investing based upon that group of entrepreneurs. And so it sort of fits into the classic Supreme Court test of what is a security.”
While speaking publicly on Thursday, Gensler reiterated his view that most cryptocurrencies should be classified as securities. His remarks were made amid anticipation that approval for spot ether ETFs might be announced later today.
Is SEC Going To Approve ETH ETF?
This week, the SEC asked exchanges regarding spot ether ETF applications to resubmit their 19b-4 forms using standardized language, after weeks of minimal interaction. These forms were filed by Tuesday and made public online that evening.
Additionally, the SEC started direct discussions with potential issuers such as Fidelity and Grayscale, who filed updated S-1 forms. The SEC is required to finalize a decision on at least one spot ether ETF application by Thursday end. The submissions suggest the SEC may have concerns about ether ETF issuers staking assets.
Also read: SEC Chair Gensler Slams FIT21 Act: Are Investors at Risk?
Yesterday, despite strong opposition from Gary Gensler, the US House approved the FIT21 bill. Gensler said on Thursday that his agency would continue to oppose the crypto bill that the House passed on Wednesday.
Analysts believe that the SEC is going to approve the first spot Ethereum ETF today. Yesterday, five U.S. representatives urged the SEC and its chair, Gary Gensler, to apply the same fair and consistent standards to upcoming Ethereum ETFs that were used for Bitcoin spot ETF approvals.
Senior Bloomberg ETF analyst Eric Balchunas forecasts a disclosure around 4 pm ET today, similar to the timing of the previous Spot Bitcoin ETF announcement.