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Ethereum ETF Filings Progress Smoothly, Declares SEC Chair Gensler

  • SEC Chair Gensler says Ethereum ETF filings are going smoothly, stressing that asset managers need to make full disclosures.
  • Amid political crypto debates, Gensler stresses that investor protection and market integrity should always come first.
  • Trump’s strong support for crypto contrasts with Biden’s cautious stance, creating a more complex and divided regulatory landscape.

On Tuesday, U.S. SEC Chair Gary Gensler hinted that the filings for Ethereum ETFs are getting close to reality. He added that final judgment lies at the hands of asset managers if they provide complete disclosures. During the Bloomberg Invest Summit, Gensler told investors about the possibility of an imminent Ethereum ETF, “I don’t know the timing, but it’s going smoothly.”

The chair of the SEC further emphasized that asset managers should ensure full disclosure so the registration statements can be effective. He said that futures ETFs of Ethereum are already available, as they were launched last year, but, of course, this is not enough—the excitement around a spot Ethereum ETF captivates the crypto community and financial markets.

JUST IN: 🇺🇸 SEC Chair Gary Gensler says the process to spot #Ethereum ETF approval is going smoothly.

— Watcher.Guru (@WatcherGuru) June 25, 2024

The Political Influences on Cryptocurrency

Beyond the discussion of ETFs, Gensler touched on the increasingly political rhetoric twisting around cryptocurrency. He brushed off recent comments from former President Donald Trump, who has become a more prominent supporter of cryptocurrencies. He said he was still a regulator of securities, mentioning issues of investor protection and market integrity.

“I don’t talk about elections,” Gensler said in response to a question about the connection between cryptocurrency and the coming presidential election. But he said he is mandated to police capital markets that protect investors and issuers. “We here are to look out for investors, issuers, and, where appropriate, to be a cop on the beat,” he said.

Trump’s Stance on Cryptocurrency

Republican presidential candidate Trump is vocal about his support for cryptocurrency. He has promised to be an ally to Bitcoin miners and accepts political donations in crypto. On Tuesday, during a rally in Mar-a-Lago, he snowballed the situation by trashing President Joe Biden’s digital asset policy. He said that he would “end Biden’s crusade to crush crypto.”

The probable introduction of a spot Ethereum ETF has been one event of immense enthusiasm within the crypto and financial markets. In his comments, Gensler emphasized that asset managers must make full disclosure. Moreover, it is obligatory to point out that the junction between cryptocurrency and politics remains relevant. Trump’s encroachment in support of digital assets versus Biden’s no-such move makes all the difference in this changing landscape of regulations.

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