SEC’s Partial Approval
The Securities and Exchange Commission (SEC) has given a green light to Ethereum ETF filings from major asset managers like BlackRock and Grayscale.
Timeline for Full Approval
SEC Chairman Gary Gensler hinted that full approval for these ETFs could be granted by the end of summer, potentially around September 22nd.
Regulatory Challenges
The Senate Banking Committee discussed the need for clear regulations in the rapidly evolving crypto industry.
CFTC vs. SEC on Crypto Classification
The Commodity Futures Trading Commission (CFTC) considers Ethereum a commodity, while the SEC currently classifies only Bitcoin as such.
Need for Clarity
Gensler emphasized the importance of regulatory clarity to prevent the crypto industry from moving offshore.
Market Impact
At the time of writing, ETH was trading at $3,450, down 4% in 24 hours.
