Ethereum

Chair

Gary

BlackRock

In a significant regulatory shift, the US Securities and Exchange Commission (SEC) <a href="https://bitcoinist.com/sec-grants-historic-approval-for-ethereum-etfs/" target="_blank" rel="noopener ">partially approved</a> the long-awaited Ethereum ETF filings submitted by prominent asset managers three weeks ago, including BlackRock and Grayscale.&nbsp; 
SEC Chairman Gary Gensler has indicated that full approval for these Ethereum ETFs could come by the end of the summer, providing much-needed clarity for investors eagerly awaiting this decision. 
<h2 id="senate-hearing-reveals-potential-approval-of-ethereum-etfs">Senate Hearing Reveals Potential Approval Of Ethereum ETFs</h2> 
During a Senate Banking Committee hearing on Thursday, Chair Gensler, <a href="https://x.com/EleanorTerrett/status/1801262188780265838" target="_blank" rel="noopener nofollow">responding to queries</a> from Senator Bill Hagerty, expressed his belief that spot Ethereum ETFs will likely receive approval by the end of the summer.&nbsp; 
This <a href="https://bitcoinist.com/spot-ethereum-etf-expert-potential-launch/" target="_blank" rel="noopener ">timeline </a>aligns with the end of the summer season on September 22, potentially paving the way for S-1 approval of the Ethereum ETFs just in time for the November US elections, where crypto has become a prominent issue in the race for the White House.&nbsp; 
The hearing also touched upon the regulatory challenges posed by the rapidly evolving cryptocurrency industry. Senator Richard Durbin inquired about the Commodity Futures Trading Commission’s (CFTC) ability to regulate <a href="https://bitcoinist.com/spot-ethereum-etfs-bitcoin/">crypto assets effectively</a>.&nbsp; 
Gensler highlighted the need for “proper resources and a well-defined disclosure” regime at the CFTC. Senator Hagerty stressed the importance of regulatory clarity, urging the SEC to foster an ecosystem that prevents the offshore migration of the crypto industry.&nbsp; 
Gensler countered by differentiating between unlawful activities, personal preferences, and the need for <a href="https://bitcoinist.com/300-million-crypto-longs-flushed-ethereum-etf-news/" target="_blank" rel="noopener ">regulatory clarity</a>, suggesting a distinction between disliking the law and the lack of clarity. 
Interestingly, Gensler referenced the SEC’s approval of futures Ethereum ETFs last year but refrained from providing a definitive answer when asked whether he considered Ethereum a commodity.&nbsp; 
This ambiguity highlights the ongoing debate surrounding the classification of cryptocurrencies and the jurisdictional dispute between the SEC and the CFTC. 
<h2 id="cftc-and-sec-clash-over-crypto-classification">CFTC And SEC Clash Over Crypto Classification</h2> 
It is worth noting that the CFTC had previously reaffirmed its stance, classifying Ethereum and several other cryptocurrencies as commodities, further fueling the battle for <a href="https://bitcoinist.com/cftc-predicts-tsunami-of-crypto-enforcement-actions/" target="_blank" rel="noopener ">regulatory oversight </a>within the digital asset industry.&nbsp; 
This contrasts the SEC’s position, spearheaded by Chair Gensler, which currently designates only Bitcoin as a commodity, leaving other cryptocurrencies, including Ethereum, outside this classification. 
The ongoing struggle over cryptocurrency classification has a history, exemplified by the CFTC’s <a href="https://bitcoinist.com/ethereum-designated-as-commodity-by-cftc/" target="_blank" rel="noopener ">lawsuit </a>against Binance last year, where Ethereum and Litecoin were also deemed commodities.&nbsp; 
Ultimately, this latest development underscores the need for resolution and regulatory clarity within the cryptocurrency ecosystem to ensure a robust and well-functioning industry. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/D6NAuiSs/" alt="Ethereum ETFs" width="1815" height="858"> 
At the time of writing, ETH was trading at $3,450, down 4% in the 24-hour time frame, led by Bitcoin, which also fell to the $66,900 level, down over 3% in the same time frame.&nbsp; 
Featured image from DALL-E, chart from TradingView.com&nbsp;

Ethereum ETFs Approaching Full Approval, SEC Chair Indicates Summer End Timeline

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