Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), has announced that Ethereum (ETH)-based exchange-traded products (ETFs) are expected to receive full approval by the end of summer.
Partial Approval Earlier This Year
In May, the SEC partially approved applications from several financial institutions, including BlackRock and Fidelity, to create ETH ETFs. However, the final approval is still pending.
Registration Process Underway
According to Gensler, individual issuers are currently completing the registration process, which is progressing smoothly. He anticipates that the full approval process will be completed over the summer.
SEC’s Stance on Crypto ETFs
The SEC has been hesitant to approve crypto ETFs in the past, but has recently taken a more open approach. In January, the agency approved Bitcoin (BTC) ETFs, following a court ruling that required the SEC to reconsider its stance.
Ethereum’s Price Movement
At the time of writing, Ethereum is trading at $3,460, down 4.23% in the last 24 hours. The recent SEC approvals have led to a significant movement of ETH out of centralized exchanges.
