Gensler says Ethereum ETF S-1 approvals likely 'over the course of this summer'

Quick Take

  • SEC Chair Gary Gensler estimated that the S-1 approvals for spot ether ETFs could occur sometime by the end of this summer.
  • A Tennessee Senator also chastised Gensler’s rule-making for the cryptocurrency industry, stating that the agency’s “roadblocks” have spurred U.S. companies to move abroad.

U.S. Securities and Exchange Commission Chairman Gary Gensler gave comments related to the timeline of spot ether exchange-traded fund listing approval in a Thursday hearing at the United States Senate Committee on Appropriations.

When U.S. Sen. Bill Hagerty (R-TN) asked Gensler about the approval process for ether ETFs, Gensler estimated the approvals to occur sometime this summer.

"Individual issuers still are working through the registration process. It's working smoothly," Gensler said, adding that listing approval could occur "sometime over the course of this summer."

On May 23, the SEC approved spot ether exchange-traded funds (ETFs) to be listed. Industry leaders predicted that, after approvals, their trading could occur sometime in July or August, and likely before November.

Spot ether ETFs give investors exposure to ethereum, the second largest cryptocurrency by market capitalization, without having to hold the asset itself.

American crypto pushed offshore

Hagerty also chastised Gensler's rule-making for the cryptocurrency industry, stating that the agency's "roadblocks" have spurred U.S. companies to move abroad.

"You're not prioritizing rule-making for areas that desperately need it," Hagerty said. "And here I'm talking about setting in place a constructive set of rules of the road for the crypto industry. This is an innovative industry. It's an industry that the United States should be leading on."

"Yet other jurisdictions in other countries are setting up rules for their ecosystems. Yet what happens here with the SEC and with the CFTC is constant roadblocks and a lack of certainty," the Senator continued. "And what's happening is that this innovative industry is finding itself increasingly pushed offshore. I don't think that's the result that we want to have here in America."

A Coinbase report found that the United States has consistently lost its crypto developer share over the past five years, with only 26% of crypto firms based in America. Even Former President Donald Trump, the presumptive Republican candidate for this November's election, joined the cause this week, hosting several bitcoin miners at his Palm Beach resort.

"Bitcoin mining may be our last line of defense against a [Central Bank Digital Currency]," Trump said in a post on his Truth Social platform, adding that his administration wants all remaining bitcoin mining to be mined in the United States.


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