SEC Chairman Gary Gensler has announced some positive news for Ethereum investors by setting a date for the final approval of spot ETH ETFs. During a hearing with the Senate Appropriations Committee, Gensler mentioned that he expects S-1s for spot Ethereum ETFs to be approved by the end of the summer.
The conversation between Gensler and US Senator Bill Hagerty revealed some interesting details about the Ethereum ETF approval timeline. While Gensler mentioned “through this summer,” Hagerty specifically pointed out “by the end of the summer.” Gensler expressed his hopeful outlook by saying, “I would dream sometime during this summer,” to which Hagerty responded with appreciation for the clarification.
In addition to Gensler, CFTC Chairman Rostin Behnam also addressed the Senate Appropriations Committee and discussed whether ETH should be classified as a commodity. While Gensler remained ambiguous on the issue, Behnam straightforwardly stated that ETH is indeed a commodity.
Previously, the SEC approved applications known as 19b-4 for spot Ethereum ETFs in May. However, the final approval for S-1 filings is still pending before Ethereum ETFs can officially enter the market. Despite initial expectations for approval in June and July, Gensler’s recent statements have aligned somewhat with these predictions.
As of now, Ethereum is trading at $3,518. Remember, this information is not intended as investment advice. For those interested in investing in over 300 cryptocurrencies, consider registering with Binance exchange through this link to enjoy a 20% commission discount.
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