{"id":23638,"date":"2024-06-26T16:00:02","date_gmt":"2024-06-26T13:00:02","guid":{"rendered":"https:\/\/coinengineer.io\/?p=23638"},"modified":"2024-06-26T12:54:47","modified_gmt":"2024-06-26T09:54:47","slug":"sec-chairman-gensler-ethereum-etf-process-proceeding-smoothly","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/sec-chairman-gensler-ethereum-etf-process-proceeding-smoothly\/","title":{"rendered":"SEC Chairman Gensler: Ethereum ETF Process ‘Proceeding Smoothly’"},"content":{"rendered":"

The launch of the first spot Ethereum<\/a> exchange-traded funds (ETFs) in the US is \u201cgoing smoothly,\u201d said Securities and Exchange Commission (SEC) Chairman Gary Gensler.<\/p>\n

Speaking at a Bloomberg conference on June 25, Gensler did not give a specific date for when the ETFs would be launched and avoided answering the question of whether they could be launched before the US elections.<\/p>\n

\u201cThis is really about asset managers making full disclosure so that these registration statements can become valid,\u201d he said. \u201cWhat we have before us \u2014 and this is done at the staff level \u2014 are registration statements, disclosure statements. These explanations are really important. It is important for investors to make investment decisions.\u201d<\/p>\n

The SEC approved 19b-4 filings from eight ETF<\/a> claimants on May 23, but asset managers are still filing their Form S-1s \u2014 the final filings the SEC must approve for trading to begin.<\/p>\n

Some analysts predict that the SEC may approve the funds for trading, and they state that this approval could occur in the first week of July.<\/p>\n

The US crypto industry has sought to make digital assets an election issue, spending millions of dollars following multiple enforcement actions from the SEC led by Gensler. Presidential candidate Donald Trump said he would end what he called President Joe Biden’s “war on crypto,” and billionaire investor Mark Cuban claimed Gensler could cost Biden the election.<\/p>\n

When asked about Trump and Cuban’s comments, Gensler stated that he was not talking about the election.<\/p>\n

\u201cWe have a pretty clear set of rules. \u201cThere is no inconsistency between crypto securities and securities laws,\u201d he said. \u201cUnfortunately, there are many people who are not in compliance with the law.\u201d<\/p>\n

Gensler claimed there were as many as 20,000 crypto tokens that were investment contracts or securities under US law and did not provide \u201cproper disclosure\u201d to American investors.<\/p>\n

\u201cThis is an area where the leading lights from a few years ago were either in prison, about to go to prison or awaiting extradition,\u201d he said. \u201cWe’re bringing these things before the courts, and those processes are going to be gamed because people who don’t follow the law are hurting the American people.\u201d<\/p>\n

Ripple CEO Brad Garlinghouse called Gensler’s comments \u201ccomplete nonsense\u201d and claimed that the SEC chairman \u201ccompletely missed FTX.\u201d \u201cGensler will cause Biden to lose the election,\u201d Garlinghouse added.<\/p>\n

\n

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our\u00a0Telegram,\u00a0<\/strong><\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0channels for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The launch of the first spot Ethereum exchange-traded funds (ETFs) in the US is \u201cgoing smoothly,\u201d said Securities and Exchange Commission (SEC) Chairman Gary Gensler. Speaking at a Bloomberg conference on June 25, Gensler did not give a specific date for when the ETFs would be launched and avoided answering the question of whether they<\/p>\n","protected":false},"author":6,"featured_media":19944,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[839,7020,39,985],"class_list":["post-23638","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-gary-gensler","tag-gary-gensler-ethereum","tag-sec","tag-sec-ethereum"],"yoast_head":"\nSEC Chairman Gensler: Ethereum ETF Process 'Proceeding Smoothly' - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/sec-chairman-gensler-ethereum-etf-process-proceeding-smoothly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SEC Chairman Gensler: Ethereum ETF Process 'Proceeding Smoothly' - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"The launch of the first spot Ethereum exchange-traded funds (ETFs) in the US is \u201cgoing smoothly,\u201d said Securities and Exchange Commission (SEC) Chairman Gary Gensler. 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