Ethereum ETF Update: Speaking at Bloomberg Invest, CFTC chairman Gary Gensler says application is ‘going smoothly’

Securities and Exchange Commission Chairman Gary Gensler suggested they were impatient to answer questions from reporters about cryptocurrency, including his agency’s handling of applications to launch ETFs. Ethereum. Speaking with journalist Annmarie Hordern at the Bloomberg Invest event in New York on Tuesday, Gensler accused his interviewer of chasing “clicks” after she asked him several related questions. regarding electronic money policy.

The issue of cryptocurrency ETFs has been a controversial one during Gensler’s tenure at the SEC, most notably when a federal appeals court last year overturned the agency’s decision to deny a Bitcoin ETF application This. The court ruling prompted the SEC to approve those Bitcoin applications in January and, despite initial signals from Gensler that the Ethereum petitions would be denied, the agency recently said it would grant them.

The agency’s apparent change in stance has led to ongoing speculation about how long the process will take. Despite his grumbles, Gensler – a prominent crypto opponent – ​​gave a few details.

“I don’t know the time, but it went smoothly.” He further explained that his team is waiting for the asset managers to make “appropriate disclosures.”

Gensler’s comments came after the SEC file from this spring suggested that the agency may have been accepting the view that Ethereum is a security for more than a year.

Gensler also made a point to clarify that Ethereum futures ETF trading has been approved. Last October, the SEC approved futures ETF applications for Valkyrie Investments, VanEck Funds, Proshares, Bitwise Asset Management and five others. Pending applications for spot ETFs will give investors direct access to assets through regulated exchanges.

Once be forewarned As an advocate of cryptocurrency because many see his tenure teaching a course on the subject at MIT as an endorsement, Gensler has been making strong moves toward the industry for several years via. According to Bloomberg, last year alone, the regulator issued 46 enforcement actions against cryptocurrency-related companies. report.

Gensler juxtaposed the 11 bitcoin ETFs the SEC approved this year, which currently trade on regulated markets, with what he called a “pattern of non-compliance” or intentional exchanges. non-compliant securities transactions. “It’s real protection for investors and others who want to access the capital markets,” Gensler said. It’s about confidence in those markets.”

Gensler declined to answer questions about reports that his views on cryptocurrencies could cost Joe Biden, the man who appointed him, the election. “My number one priority is the American public,” Gensler said. “That’s the customer and that’s who we represent.”

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