SEC Chair Gary Gensler Says Final Approvals For Ethereum ETFs Will “Take Some Time”

US Securities and Exchange Commission (SEC) Chair Gary Gensler said that spot Ethereum ETFs (exchange-traded funds) will “take some time” to launch.

Eight fund management firms are waiting for final approval of so-called S-1 registration statements that would enable them to list and start trading on US exchanges.

Analysts had estimated earlier that ETH ETFs could launch by late this month, but in an interview with CNBC Gensler appeared to hint at a longer timeframe.

Ethereum ETFs Need To Be Reviewed

In the interview, the SEC Chair noted that spot Ether ETFs needed to undergo a review process on disclosures before launching on the New York Stock Exchange and NASDAQ.

While he said the regulator is working on it, he added that the process will “take some time.”

🚨NEW: @SECGov Chairman @GaryGensler says the next step in the $ETH ETF approvals “will take some time,” possibly indicating a potential slow-walk of the S-1 approval process. https://t.co/iwfN9vvmt8

— Eleanor Terrett (@EleanorTerrett) June 5, 2024

The SEC Chair said that approval of Ether ETFs was logical, noting that Ether Futures had been trading on the Chicago Mercantile Exchange (CME) for over three years. As such, the Ether futures market laid the groundwork for spot ETF approvals.

Gensler Slams Crypto Exchanges

Gensler also had some criticism for cryptocurrency exchanges over a lack of proper disclosures. While he said the New York Stock Exchange operates under clear guidelines to protect against fraud and manipulation, he argued that the same guidelines are absent at many crypto exchanges.

“These crypto exchanges are doing things we would never allow the NYSE to do,” Gensler said.

The SEC has filed lawsuits against the two biggest crypto exchanges in the world, Binance and Coinbase, and also against sixth-ranked Kraken.

Gensler said that the goal of the SEC is to protect investors by ensuring exchanges give adequate disclosures to investors.

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