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The introduction of the initial spot Ether exchange-traded funds (ETFs) in the U.S. is proceeding smoothly, according to SEC Chair Gary Gensler.
During a Bloomberg conference on June 25, Gensler chose not to reveal the specific launch dates for the ETFs and avoided commenting on whether they would be available before the U.S. elections in November.
“The key is full disclosure by the asset managers for their registration statements to be effective,” he commented.
Gensler explained that what the SEC staff is currently reviewing includes registration and disclosure statements. “These disclosures are crucial for investors who are making investment decisions,” he emphasized.
The SEC received 19b-4 filings from eight ETF contenders on May 23. These asset managers are still finalizing their Form S-1s, necessary for the SEC’s final approval before the ETFs can commence trading.
Some market analysts speculate that the first week of July could see the SEC’s approval for these funds to start trading.
Amidst significant enforcement actions from the SEC under Gensler’s leadership, the U.S. crypto sector has secured substantial funding and lobbied heavily, positioning digital assets as a pivotal issue for the upcoming elections.
Donald Trump, a presidential candidate, has pledged to terminate what he calls President Joe Biden’s “war on crypto.” Additionally, billionaire investor Mark Cuban has suggested that Gensler’s approach could significantly impact Biden’s chances in the next election.
When questioned about the comments made by Trump and Cuban, Gensler stated that he does not discuss elections and emphasized the clarity of existing regulations. “The securities laws clearly encompass crypto securities,” he added. He also noted that numerous individuals are currently not in compliance with these laws.
Gensler has identified approximately 20,000 crypto tokens as investment contracts or securities under U.S. law, criticizing them for not providing “proper disclosure” to U.S. investors.
“The prominent figures from the past years in this sector are facing serious legal challenges, including imprisonment and extradition processes,” he stated.
“We are pursuing these cases in court, and they will unfold as the law is upheld, protecting the American public,” he further added.
On a related note, Ripple CEO Brad Garlinghouse responded to Gensler’s remarks by labeling them as “absolute nonsense” and criticized Gensler for overlooking major issues such as FTX. Garlinghouse also predicted, “Gensler will cause Biden to lose the election.”
