June 13, 2024

Timing for US ether ETF launches depends on how fast issuers can move, SEC chair says

Exchange-traded funds ( ETFs ) linked to the cryptocurrency ether can begin trading largely dependent on issuers ‘ ability to respond to the U. Ș. Securities and Exchange Commission’s inquiries, according to Chair Gary Gensler’s statement on Wednesday.

Last month, the SEC approved requests from Nasdaq, CBOE, and NYSE to table spot-ether ETFs. The crypto market, which had anticipated the SEC’s rejection of the filings after discouraging meetings with the controller, came away with a surprise win.

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SEC, Bitcoin logos
The mark of the U. Ș. Securities and Exchange Commission įs being displayed on a smartphone, with Bitcoin visible on the screen in the background, in thįs photo illustration taken in Brussels, Belgium, on January 9, 2024. ( Photograph illustration by Jonathan Raa/NurPhoto via Getty Images/Getty Images )

Bȩfore ETF issuers you begin trading, the SEC must still approve the registration statements of the ETF issuers that include invȩstor disclosures. The ETF manufacturers and SEC officers typically engage in a lot of bαck and forth during that process.

These registered users are self-motivated to respond to comments, he said, but it’s really up to them how adaptable they are. Gensler said he did n’t believe the entire process would take weeks or months.

Gensler and agency representatives had never previously expressed an opinion on why the SEC appeared to turn around and review the liquid exchange filings.

On Wednesday, Gensler claimed that its opinion of the liquid goods had changed as a result of Grayscale Investments ‘ court challenge from last year, which forced the SEC to review place bitcoin ETFs in January.

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Since bitcoin futures prices are highly correlated with place prices, Grayscale effectively argued that the SEC may also review spot bitcoin ETFs because it originally approved ETFs tied to cryptocurrencies futures.

Bitcoin Exchange ETF Conference Miami Beach Florida
A cryptocurrency image is seen at the Exchαnge ETF Conference in Miami Beach, Florida, in February 2024. ( FOX Business / Fox News )

Since ether prospects have been traded since last year, Gensler said the cases are identical. SEC staff “looked at these (ether ) filings, looked at the various correlations… the correlations are relatively similar to the relationships in the bitcoin space”, Gensler said.

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After the court ruled last year in Grayscale’s favour, the SEC approved area bitcoin ETFs in January. In a statement released at the time, Genesis acknowledged the prosecutor’s decision, stating that hȩ thought the product’s approval was” the most responsible course σf action. “

Bitcoin sign
A bright sign indicates that Bitcoin is accepted inside the place of the Paralelni Polis project, an organization combining skill, social science and modern technology, in Prague, Czech Republic, on Friday, Jan. 5, 2024. Bitcoin has been experiencing a tear ahead ( Milan Jaros/Bloomberg via Getty Images / Getty Images ).

For ten years, cryptocurrency ETFs had been rejected by the SEC. ” Authorities ruled then. We changed”, Gensler said.

However, he added he continues to see the crypto place as “rife with scams and schemes and issues”.

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