Key Points
- Despite SEC Chair Gary Gensler’s prediction, the launch of a spot Ethereum ETF remains uncertain.
- SEC’s cautious stance on crypto contrasts with the approval of a Bitcoin ETF under Gensler.
Despite the anticipation, the exact launch date of a spot Ethereum exchange-traded fund (ETF) is uncertain.
Katherine Dowling, Bitwise’s chief compliance officer, remarked on the uncertainty in a recent conversation with Bloomberg.
The Uncertain Launch of Ethereum ETF
Despite Gensler’s prediction of a summer debut for the Ethereum ETF, the exact date remains unclear.
Dowling noted that there are fewer issues being discussed between issuers and the SEC, pointing towards a close launch.
Bitwise was one of the first issuers to submit an amended S-1 form to the SEC ahead of schedule, sparking excitement within the crypto community about the imminent approval of the Ethereum ETF.
However, the delay and uncertainty highlight the SEC’s cautious stance on crypto during the Biden administration.
SEC’s Cautious Stance on Crypto
Eric Balchunas, Senior ETF Analyst at Bloomberg, suggested that the outcome could depend on the results of the upcoming presidential election.
Dowling echoed this sentiment, stating that it might be a long haul to get some crypto products out in the market due to the lack of futures trading in some potential products.
Despite this, Dowling highlighted the SEC’s potential for positivity during the ETF approval process, noting that their communication with the SEC has been welcoming.
Interestingly, the SEC under Gensler approved a long-awaited Bitcoin ETF.
The Bitcoin ETF has performed exceptionally well since its debut, recording inflows totaling $216.4 million as of the latest update.
