Securities and Exchange Commission (SEC) chair Gary Gensler spoke in a Senate Appropriations Committee meeting on June 13, addressing the state of ETH ETFs. Tennessee Senator Bill Haggerty questioned Gensler about why the SEC had not approved the ETFs yet and accused the agency of not adopting a “constructive set of rules of the road for the crypto industry.” Gensler said that the ETFs were coming “sometime over the course of this summer,” implying the approvals of the S-1 filings will occur within the next three months – expectedly by September. Last month, the SEC approved 19b-4 filings from eight firms, marking the first step in making ETH ETFs available. The next step is where the ETFs find themselves now, with SEC staff needing to oversee the S-1 approvals. The SEC chair was also
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Securities and Exchange Commission (SEC) chair Gary Gensler spoke in a Senate Appropriations Committee meeting on June 13, addressing the state of ETH ETFs. Tennessee Senator Bill Haggerty questioned Gensler about why the SEC had not approved the ETFs yet and accused the agency of not adopting a “constructive set of rules of the road for the crypto industry.”
Gensler said that the ETFs were coming “sometime over the course of this summer,” implying the approvals of the S-1 filings will occur within the next three months – expectedly by September. Last month, the SEC approved 19b-4 filings from eight firms, marking the first step in making ETH ETFs available. The next step is where the ETFs find themselves now, with SEC staff needing to oversee the S-1 approvals.
The SEC chair was also pressed to reveal if he thought that ETH was a commodity now that the ETFs of the asset have imminent approvals. He did not say yes or no but deflected to talk about the ETFs and their approvals coming in the next three months. Chair of the Commodity Futures Trading Commission (CFTC), Rostin Behnam, was also present at the meeting and agreed to ETH being a commodity with a definitive “Yes.”
Gensler has previously stated that most cryptos are securities, and the teams behind them must register the tokens as securities with the SEC. Otherwise, the projects are violating securities law. In line with his beliefs, he said at the meeting, “While not all crypto are crypto securities – some are under Chair Behnam‘s jurisdiction – those that are have an obligation to disclose to the public.”
Both Gensler and Behnam agreed that the CFTC is not prepared to oversee the crypto markets due to a lack of tools, funds, and overarching authority. “We don‘t have those traditional regulatory tools – registration, custody, surveillance, oversight – that have really made American capital markets and derivative markets so strong,” Behnam mentioned.