US Securities and Exchange Commission (SEC) Chairman Gary Gensler has famous that the approval course of for Ethereum (ETH) spot market exchange-traded funds (ETFs) is shifting ahead easily.
Approval Process in Progress
In a current interview on the Bloomberg Invest Summit in New York, Gensler mentioned the SEC will grant closing approval to ETH ETF purposes, although he declined to present a particular timeline.
“Agency staff are working on the details of the registrations and disclosure statements required for ETH ETFs. I don’t know the exact moment, but it is progressing without problems. You can follow him publicly. You see these filings… And it really comes down to asset managers making full disclosure so that those registration statements can be effective.”
Bloomberg ETF professional Eric Balchunas not too long ago acknowledged that ETH ETFs might be authorised by July 2.
Criticism of the Cryptocurrency Sector
In the identical interview, Gensler criticized the cryptocurrency sector, calling it “highly centralized.”
“Much of this field is highly centralized. It is not decentralized. That’s not what’s happening here. It is highly centralized around a few platforms that are also centralizing and mixing things that we would never allow anywhere else. The law does not allow you to trade against your clients and handle a supposed exchange while you trade in advance and possibly also take investments in an investment contract or security and then quote and get the quote pop. “All of this is potentially happening on these platforms, and some of the leaders who two years ago would have filled a room much larger than this if they were on stage, are now in jail or waiting to get in.”
The SEC continues to transfer ahead with approving Ethereum ETFs, with expectations of a easy course of. Meanwhile, Chairman Gensler maintains a crucial and vigilant stance on centralization within the cryptocurrency sector.
