Gushiken Yona
Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC) has confirmed that Ethereum ETF ( ETH ETF) S-1 filings will approved this summer during his testimony at a Senate Appropriations Committee hearing.
The anticipation of these approvals has sparked discussions within the cryptocurrency community, with many expressing optimism about Ethereum’s market value and institutional investment.
When the SEC approved the spot Ether exchange-traded funds (ETFs) to be listed last May 23, industry leaders forecast that trading of the new investment vehicle could start sometime in July or August or before November, but the statement from SEC’s Gensler underlined that it might not be the case.
During the Senate Committee hearing, Chairman Gensler engaged in a discussion with Sen. Bill Hagerty (R-TN), who asked the chair about the approval process for Ether ETFs. “Individual issuers still are working through the registration process. It’s working smoothly,” Gensler said, adding that listing approval could occur “sometime over the course of this summer.”
While Gensler emphasized the likelihood of approvals during the summer, Hagerty sought clarification: “If you’re indicating to me that those applications will be approved by the end of the summer, I appreciate that.”
Bloomberg ETF analyst James Seyffart commented on the anticipated timeline, stating, “July was and is a complete guess. But I was more confident in saying that ETH ETFs will launch at some point this summer. That was sort of a given. Gensler not really giving us much of any info in his comments that Ethereum ETFs will launch ‘by the end of summer’.”
Similarly, ETF Store President Nate Geraci shared his thoughts about Gensler’s latest statement, saying, “SEC Chair Gensler says he envisions spot ETH ETF S-1s likely approved by end of summer… So that can be whenever. Will be interested to see changes in next batch of amended S-1s. There can’t be that much work left to do.”
The approval of $ETH Spot ETFs is seen as a crucial step in the broader adoption and integration of Ethereum into traditional financial markets. While the exact timeline remains uncertain, the anticipation is palpable, and industry experts closely monitor developments.
Ethereum’s price dipped to $3,468.00 on Thursday at 1:13 p.m. ET, seemingly unaffected by the recent confirmation from the SEC chairman. However, the cryptocurrency’s 24-hour trading volume soared by 12.95% to an impressive $17,224,927,304, signaling a surge in market activity despite the slight price decline of 4.02% in the past 24 hours.
Over the past week, Ethereum’s value has dropped by 9.36%, but it’s important to note a significant 20.21% spike over the last 30 days. This volatility underscores the dynamic nature of the cryptocurrency market, where short-term fluctuations can coexist with longer-term growth trends.
With a market capitalization of $416,206,339,014 and a circulating supply of 120,152,590 ETH, Ethereum remains a dominant force in the crypto world, according to the latest data from CoinMarketCap. While the recent price dip might raise eyebrows, the surge in trading volume suggests a continued strong interest and confidence in Ethereum’s future potential.
Yona has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice.
The Shib Daily is an official media and publication of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
