During a Senate Banking Committee hearing that was conducted recently, the SEC Chair Gary Gensler said that the possibility of approval for the listing and trading of spot Ether (ETH) ETF could be achievable by summer 2024. I got this scoop with a note that while eight companies got approval for 19b-4 filings in May, final S-1 filings are still with the SEC. Analysts are positive about the identified projects, including possible launches by July. But, the Gensler also pointed out that the approval process remained an ongoing one and may yet require more time.
It is crucial to understand that this development can lead to the situation where spot Ether ETFs are being listed on the U. S. exchanges which may help to increase Ethereum’s legitimacy and spread the access of institutional and retail investors to Ethereum-based products. This decision echoes other approvals of spot Bitcoin ETFs which shows that there is progress in the acceptance of cryptographic product instruments within standard compliance structures.
Even though there is expectation and even prediction when the process will be completed, the enhancement toward the approval indicates that SEC, though being conservative in its movement, is gradually moving in the direction where crypto assets can be absorbed into the financial market.
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Riz-A is a seasoned blockchain content writer with a passion for demystifying complex concepts and making cutting-edge technology accessible to a broader audience. With years of experience in the blockchain and cryptocurrency space, Riz-A has a proven track record of creating engaging, informative, and thought-provoking content.