Ethereum

Chair

Gary

Green Light

<h2 id="key-points">Key Points</h2>
<li>The US Securities and Exchange Commission (SEC) has partially approved Ethereum ETF filings submitted by asset managers including BlackRock and Grayscale.</li>
<li>SEC Chairman Gary Gensler has indicated that full approval for these Ethereum ETFs could come by the end of the summer.</li>
<p>The US Securities and Exchange Commission (SEC) has made a significant regulatory shift by partially approving the long-awaited <a href="https://bitcoinist.com/sec-grants-historic-approval-for-ethereum-etfs/" target="_blank" rel="noopener noreferrer nofollow">Ethereum ETF filings</a>. These filings were submitted by prominent asset managers including BlackRock and Grayscale.</p>
<p>SEC Chairman Gary Gensler has hinted that full approval for these Ethereum ETFs might be granted by the end of the summer. This development provides much-needed clarity for investors who have been eagerly awaiting this decision.</p>
<h2 id="potential-approval-of-ethereum-etfs">Potential Approval Of Ethereum ETFs</h2>
<p>During a Senate Banking Committee hearing, Chair Gensler <a href="https://x.com/EleanorTerrett/status/1801262188780265838" target="_blank" rel="noopener noreferrer nofollow">responded to queries</a> from Senator Bill Hagerty. He expressed his belief that spot Ethereum ETFs are likely to receive approval by the end of the summer.</p>
<p>The <a href="https://bitcoinist.com/spot-ethereum-etf-expert-potential-launch/" target="_blank" rel="noopener noreferrer nofollow">timeline </a> for this approval aligns with the end of the summer season on September 22. This could potentially pave the way for S-1 approval of the Ethereum ETFs in time for the November US elections, where crypto has become a key issue.</p>
<p>The hearing also touched on the regulatory challenges posed by the rapidly evolving cryptocurrency industry. Senator Richard Durbin asked about the Commodity Futures Trading Commission’s (CFTC) ability to regulate <a href="https://bitcoinist.com/spot-ethereum-etfs-bitcoin/" rel="noopener noreferrer nofollow" target="_blank">crypto assets effectively</a>.</p>
<p>Gensler emphasized the need for “proper resources and a well-defined disclosure” regime at the CFTC. Senator Hagerty highlighted the importance of regulatory clarity, urging the SEC to foster an ecosystem that prevents the offshore migration of the crypto industry.</p>
<p>Gensler made a distinction 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 noreferrer nofollow">regulatory clarity</a>. He 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.</p>
<p>This lack of clarity underscores the ongoing debate surrounding the classification of cryptocurrencies and the jurisdictional dispute between the SEC and the CFTC.</p>
<h2 id="dispute-over-crypto-classification">Dispute Over Crypto Classification</h2>
<p>The CFTC has previously reaffirmed its stance, classifying Ethereum and several other cryptocurrencies as commodities. This fuels the battle for <a href="https://bitcoinist.com/cftc-predicts-tsunami-of-crypto-enforcement-actions/" target="_blank" rel="noopener noreferrer nofollow">regulatory oversight </a> within the digital asset industry.</p>
<p>The SEC’s position, led by Chair Gensler, currently designates only Bitcoin as a commodity, leaving other cryptocurrencies, including Ethereum, outside this classification. This disagreement over cryptocurrency classification has a history, as shown by the CFTC’s <a href="https://bitcoinist.com/ethereum-designated-as-commodity-by-cftc/" target="_blank" rel="noopener noreferrer nofollow">lawsuit </a> against Binance last year, where Ethereum and Litecoin were also deemed commodities.</p>
<p>This latest development highlights the need for resolution and regulatory clarity within the cryptocurrency ecosystem to ensure a robust and well-functioning industry.</p>
<p>At the time of writing, <a href="https://coineagle.com/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a> was trading at $3,450, down 4% in the 24-hour time frame. This was led by <a href="https://coineagle.com/price/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a>, which also fell to the $66,900 level, down over 3% in the same time frame.</p>

SEC Chair Hints at Ethereum ETFs Gaining Full Green Light by Summer’s End

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