Gary Gensler, the Chair of the U.S. Securities and Exchange Commission (SEC), told lawmakers that an exchange-traded fund (ETF) linked to Ethereum, the world's second-largest and most popular digital asset, is expected to receive final approval this summer. Gensler said during a Thursday hearing of the Senate Appropriations Committee, "Individual issuers are still going through registration process. It's progressing." Gensler's remarks indicate that the launch of the long-awaited Ether ETF may be drawing closer. Last month, the SEC approved the related 19b-4 application submitted by the exchange. However, individual issuers' S-1 registration statements are still pending approval. Gensler said that few issuers' final approval for registering statements depended on the quality of investors' disclosed information, and the process is being carried out at the staff level. In January of this year, the agency approved the launch of a spot Bitcoin ETF. Gensler made the above statement in response to questions from Bill Hagerty, a senior member of the Senate Appropriations Committee's Financial Services and General Government Subcommittee and a Republican senator from Tennessee. He praised Gensler's commitment to approve the application in the summer, saying, "We need to occupy this market." Gensler's expected schedule for the spot Ether ETF is consistent with industry experts' predictions in recent weeks. Bloomberg ETF analysts said that after 19b-4 was approved, the approval of S-1 registration statements could take "weeks to months." Similarly, other institutions, including JPMorgan, predict that these ETFs will start trading before the November election. Currently, although the approval of S-1 registration statements has not been completed, it is an inevitable trend to launch spot Ether ETF in the United States. In addition, many industry insiders (including legal experts) now regard Ethereum as a commodity, and they believe that the SEC's approval of Ethereum as a single asset ETF product means that it will be classified as a commodity. However, in response to questions from the Senate, Gensler did not explicitly state whether Ethereum was classified as a security or commodity. He avoided this question and did not give a clear answer, claiming that the agency had only "partially" approved the spot Ether ETF. Meanwhile, Rostin Behnam, the Chair of the U.S. Commodity Futures Trading Commission (CFTC), told the Senate that Ether is a commodity and should be regulated by the agency. Due to the Fed's latest hawkish dot plot, cryptocurrencies have suffered one after another, and the current trading price of Ethereum is $3,500 per coin. It is widely expected that the listing of spot Ether ETF will push up the price of the token. Many global institutions and banks have begun to adjust their target price predictions for Ethereum in 2024 and 2025, and it is expected that its price may exceed $5,000 this year and reach $10,000 by the end of this year or next year.

Gensler stated at the Thursday hearing of the Senate Appropriations Committee, "Individual issuers are still in the process of registering. Progress is going smoothly."

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The final approval of registration statements by a few issuers depends on the quality of information disclosed by investors. Gensler said that the process is being carried out at the staff level. In January of this year, the agency approved the launch of a spot Bitcoin ETF.

Gary Gensler made the above statement in response to questions from Bill Hagerty, a senior member of the Senate Appropriations Committee's Financial Services and General Government Subcommittee and a Republican senator from Tennessee. He praised Gensler's commitment to approve the application in the summer, saying, "We need to occupy this market."

Gensler's expected schedule for the spot Ether ETF is consistent with industry experts' predictions in recent weeks.

Bloomberg ETF analysts said that after 19b-4 was approved, the approval of S-1 registration statements could take "weeks to months." Similarly, other institutions, including JPMorgan, predict that these ETFs will start trading before the November election.

Currently, although the approval of S-1 registration statements has not been completed, it is an inevitable trend to launch spot Ether ETF in the United States. In addition, many industry insiders (including legal experts) now regard Ethereum as a commodity, and they believe that the SEC's approval of Ethereum as a single asset ETF product means that it will be classified as a commodity.

In response to questions from the Senate, Gensler did not explicitly state whether Ethereum was classified as a security or commodity. He avoided this question and did not give a clear answer, claiming that the agency had only "partially" approved the spot Ether ETF.

Rostin Behnam, the Chair of the U.S. Commodity Futures Trading Commission (CFTC), told the Senate that Ether is a commodity and should be regulated by the agency.

Due to the Fed's latest hawkish dot plot, cryptocurrencies have suffered one after another, and the current trading price of Ethereum is $3,500 per coin. It is widely expected that the listing of spot Ether ETF will push up the price of the token.

Many global institutions and banks have begun to adjust their target price predictions for Ethereum in 2024 and 2025, and it is expected that its price may exceed $5,000 this year and reach $10,000 by the end of this year or next year.

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