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SEC Chairman Gary Gensler has not yet given any hint as to whether the institution will approve spot Ethereum.
In an interview held on Friday morning, Gensler was asked whether about ten companies applying for the spot Ethereum product, including Grayscale, are considering a summer court decision as a “precedent”.
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Gensler said, “I don’t want to approach any application with prejudice and as you said, we have 10 applications ahead of us.”. “So a news alert, I will not be prejudiced about this. However according to your question, we are considering the facts, conditions, and what’s ahead of us.”
Giant firms like BlackRock and Fidelity applied for spot Ethereum ETFs in November, and these have been followed by Franklin Templeton, Ark 21Shares, VanEck and Grayscale.
Experts consider that the SEC Chairman may approve Ethereum ETFs
Some experts, considering that Ether futures ETFs are currently trading, are optimistic that the SEC may approve a spot Ethereum ETF and say that Grayscale’s victory against the SEC in court last year could tip the balance.
After the decision issued by the DC court in the summer term that gave the three judges the authority to reassess Grayscale Investments’ spot bitcoin ETF offer, SEC approved spot bitcoin ETFs. However, Gensler said that the agency’s decision to approve spot bitcoin ETFs should exactly be accordingly.
SEC Chairman, who in the past stated that many cryptocurrencies are securities and has been calling for companies to register with the SEC, said in an interview conducted on Friday that “all crypto space is faced with challenges.”
SEC Chairman Gensler said, “The whole area is fraught with abuse and fraud”. “Look at the series of bankruptcies in 2022 and 2023 where investors cannot get necessary disclosures from intermediaries in the market. In the meantime, this is not such a decentralized situation for the observing public.” He said.