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Gary Gensler Says ETH Spot ETF S-1 Might Be Approved This Summer
SEC Chair, Gary Gensler expects Ethereum spot ETF S-1’s to be approved over the course of the summer. This comes after previous speculations of the time frame of S-1 to kickstart trading. Aside from the much anticipated Ethereum ETFs, Gensler also spoke about the challenges decentralized finance (DeFi) poses on anti-money laundering (AML) laws.
Gary Gensler Suggests Summer Deadline
Gary Gensler stated that spot ETH ETF S-1 will likely be approved this summer sparking diverse community reactions. Speaking at the Senate Appropriations Committee Hearing, the SEC addressed a slew of issues concerning the agency’s role. Addressing lawmakers Gensler noted the timeframe with Senator Hagerty adding:
“If you’re indicating to me that those applications will be approved by the end of the summer, I appreciate that.”
🚨NEW: @SECGov Chairman @GaryGensler just told Senator @BillHagertyTN he envisions $ETH Spot ETF S-1’s will likely be approved by the *end of the summer.*
— Eleanor Terrett (@EleanorTerrett) June 13, 2024
Since the approval of spot 19b-4 filings on May 23, speculations have flooded social spaces regarding when Ethereum ETF would get listed. This month, Gensler noted that the timeframe for listing would ultimately depend on the issuers and not the SEC. He added that it boils down to how responsive they are they are to comments they receive.
Previously, Gary Gensler stated that approvals might take a while analysts like Eric Balchunas projected the first week of July. Ethereum ETFs continue to garner steam around industry spaces drawing the attention of institutional investors to the market. After the approval of 19b-4 filings, Ethereum price surged 22% trading above $3,700. Despite the recent price correction, the market anticipates the future listing with bulls projecting a rally.
DeFi Poses Challenges to AML Laws
At the hearing, Gary Gensler commented on the problems decentralized finance poses to AML laws. This is due to the permissionless nature of the technology. Global regulators have also raised concerns on this subject citing possible risks of illicit finance.
Sen Hagerty also advised the SEC to focus on regulatory clarity with Gary Gensler adding that breaking the law or not liking the same is different from a lack of rule clarity.
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