As an analyst with a background in financial regulation and securities law, I find the ongoing discussion surrounding Ethereum (ETH) ETFs and their regulatory approval process intriguing. Tennessee Senator Bill Haggerty’s accusation of SEC Chair Gary Gensler not adopting a constructive set of rules for the crypto industry is a valid concern that needs to be addressed.
In a Senate Appropriations Committee meeting on June 13, Securities and Exchange Commission (SEC) chairman Gary Gensler discussed the status of Ethereum ETFs during a question-and-answer session with Tennessee Senator Bill Haggerty. Haggerty criticized the SEC for not approving the ETFs and alleged that the agency had failed to establish clear regulations for the crypto industry.
Gensler indicated that the ETFs would be arriving “somewhere during this summer,” indicating a timeline of approximately three months for the S-1 filings’ approval process – likely by September. Last month, the SEC gave the green light to 19b-4 applications from eight firms, initiating the process for making Ethereum ETFs accessible. Currently, the ETFs are in the next phase, where SEC staff is responsible for reviewing and approving the S-1 filings.
During the meeting, the SEC chair was asked if he believed that Ethereum (ETH) should be classified as a commodity in light of upcoming ETF approvals. Instead of directly answering “yes” or “no,” he shifted the conversation towards discussing the timeline for these approvals, which is expected within the next three months. In contrast, CFTC Chair Rostin Behnam unequivocally affirmed Ethereum’s commodity status by saying, “Yes.”
In accordance with his previous statements, Gensler expressed at the meeting that while not every cryptocurrency is subject to securities regulations under the jurisdiction of Chair Behnam, those that do fall under this category have an obligation to make public disclosures.
Gensler and Behnam concurred that the Commodity Futures Trading Commission (CFTC) is currently unable to effectively regulate crypto markets due to the absence of essential regulatory tools, adequate funding, and comprehensive authority. According to Behnam, “We lack the conventional regulatory instruments – registration, custody, surveillance, and oversight – that have significantly bolstered the robustness of American securities and derivative markets.”
Image by Az1975 from Pixabay
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2024-06-14 19:49