As a seasoned crypto investor with a few years under my belt, I’ve seen the ups and downs of this market, and I can tell you that the recent news about the potential approval of Ethereum ETFs has me excited. The SEC’s request for exchanges to fine-tune their application filings for Ethereum ETFs was a welcome surprise in light of the lengthy process we’ve seen with other applications.
As a crypto investor, I was taken aback by the recent development on May 21st when the SEC requested exchanges such as NASDAQ, NYSE, and CBOE to make adjustments to their ETF application filings for Ethereum. Surprisingly, Gary Gensler’s latest remarks hint that we might be on the brink of receiving final approvals for these ETH ETFs.
Five months after BTC Exchange-Traded Funds (ETFs) received approval, the crypto community celebrated as the Security and Exchange Commission (SEC) requested Ethereum ETF applications and granted approval on May 23. The initial move towards ETFs necessitated exchanges to submit their registration statements (19b-4 filings) to the SEC.
The next step is where we’re at, with the SEC having to approve the S1 filings submitted by the ETF issuers before the products can trade on exchanges. This process can take anywhere between a few weeks and months as it requires a lot of back-and-forth between the regulator and the institutions about financial disclosures. Many believed the SEC may drag it out for months – Gensler says otherwise.
“Gensler commented through Reuters that registrants are individually driven to address comments received, yet the level of responsiveness is at their own discretion. He remained silent regarding the expected length of the final approval process.”
As a researcher, I’ve observed that recent developments indicate positive progress in the ETF approval process at the SEC. Instead of waiting for lengthy periods before granting approvals, Gensler’s statements suggest that issuers who promptly submit their financial disclosures and necessary clarifications can anticipate expedited reviews. This shift from past practices signifies a more efficient and agile approach by the SEC towards ETF applications.
When questioned about why the SEC shifted its position on ETH ETF approvals despite its view that Ether is a security token, Gensler explained, “Upon examining these (ETH) filings and considering the correlations, I found them to be quite comparable to those in the Bitcoin sector,” alluding to the green light given to Bitcoin ETFs.
Based on Gensler’s recent comments, it appears that Ethereum ETF approval may occur sooner rather than later, although an exact timeline remains uncertain.
Image by Sergei Tokmakov, Esq. https://Terms.Law from Pixabay
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2024-06-08 00:27