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SEC Boss Gary Gensler Breaks Silence on Ethereum ETFs

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Wed, 5/06/2024 - 15:34
SEC Boss Gary Gensler Breaks Silence on Ethereum ETFs
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In a recent appearance on CNBC, SEC Chairman Gary Gensler provided insights into the expected timeline for the review of the spot Ethereum ETF S-1 reports. Eleanor Terrett, a reporter at Fox Business, relayed this as an indication that the review process is expected to be lengthy, potentially causing delays in the approval process for Ethereum ETFs.

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As a reminder, last Friday marked a significant deadline as spot Ethereum ETF issuers, including industry giants BlackRock and VanEck, submitted their initial draft S-1 forms to the SEC. The regulator will now begin the review process, providing feedback and requesting amendments. Industry insiders expect at least two rounds of draft filings before a final decision is made.

In contrast to the relatively straightforward path of Bitcoin ETF approvals, the altcoin landscape appears to be murkier, according to market participants. While unanimous approval would mark a pivotal moment for the market, recent events have created uncertainty. For example, Hashdex's withdrawal of its application for undisclosed reasons has left market participants questioning the overall trajectory of Ethereum ETFs.

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Attention now shifts to the SEC's stance on the crypto market and the ongoing developments in Bitcoin ETFs, as liquidity in traditional financial markets is hundreds of times greater than cryptocurrency. On one side, that does not mean that investors would want to increase their risk by switching to altcoins, and vice versa - they may shift some funds from Bitcoin ETFs in a search of extra profits.

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