Ethereum ETFs Expected to Get Approval by End of Summer Predicts Gary Gensler

Supporters of a potential Ethereum Exchange-Traded Fund (ETF) received positive news during a Senate hearing, with SEC Chair Gary Gensler indicating progress in the application process.

Addressing a subcommittee of the Senate Appropriations Committee, Gary Gensler, the Chair of the U.S Securities and Exchange Commission (SEC), suggested that a complete regulatory approval for spot Ethereum (ETH) ETFs could be expected by the end of September.

During a budget hearing on June 13, Gensler mentioned that the final set of filings, known as S-1s or registration of securities, were currently under staff review. The commission had already given the green light for proposed rule changes to list spot ETH ETFs, also referred to as 19b-4, the previous month.

Despite confirming that Ethereum ETFs are likely to be available for trading soon, Gensler remained vague on whether Ether should be classified as a commodity or a security. This contrasts with Rostin Behnam, Gensler’s counterpart at the Commodity Futures Trading Commission, who believes that Ether should be considered a commodity.

While experts observed that spot ETH ETF applications were filed as non-security offerings, it is still uncertain how U.S. regulators and policymakers will officially handle the asset. The absence of staking language in the applications suggests that the SEC is closely examining Ethereum’s proof-of-stake (PoS) consensus mechanism.

The SEC has taken enforcement actions and issued Wells Notices to Ethereum-related providers like Consensys and Uniswap, reinforcing Gensler’s stance on the matter. However, with recent political changes, investigations into Ether’s technology may be stalled.

In other news, a new coin called MAGAA is set to create a community of individuals who share similar beliefs.