US SEC Chairman Comments on Approval Timing for Ethereum Spot ETF

On June 13, 2024, SEC Chairman Gary Gensler provided an update on the approval timing for the Ethereum spot ETF, predicting it will be approved by summer 2024.

With the registration process moving smoothly and significant market predictions for October 2024, this period is shaping up to be crucial for the cryptocurrency market. Read on for more details and the latest ETF news.

Approval Expected by Summer 2024

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), commented on the approval timing for the Ethereum spot ETF during a Senate Appropriations Committee hearing on June 13, 2024.

According to Chairman Gensler, the registration process for the Ethereum spot ETF is progressing smoothly, predicting that it "will likely be approved by this summer."

On May 24, 2024, the SEC approved the 19b-4 application forms for the Ethereum spot ETF submitted by eight companies. However, to start trading the Ethereum spot ETF, the SEC must also approve the S-1 forms.

These forms detail the ETF's structure, investment objectives, management methods, risk factors, and fees.

The companies issuing the Ethereum spot ETF have submitted revised S-1 forms to the SEC. The approval of these forms is crucial, and it is expected that these applications will be approved by the end of summer 2024.

Expected Trading Start for Ethereum Spot ETF

When the 19b-4 application forms were approved last month, there were predictions that it might take several months before actual trading could begin. Currently, many expect trading to start between July and November 2024.

The cryptocurrency market has recently been on a downward trend. However, some prominent analysts predict that "significant price fluctuations" might occur around October 2024, considering global liquidity. Hence, October 2024 is expected to be a particularly noteworthy period.

>> Click here for the latest ETF-related news