The Crypto Roundup: 14 June 2024 | CryptoCompare.com

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said in a budget hearing final approvals for spot Ethereum exchange-traded funds (ETFs) could be granted by summer’s end.

Speaking to a subcommittee of the Senate Appropriations Committee in a hearing on the regulator’s budget, Gensler said the approval process was “working smoothly” after the initial go-ahead given to a group of these ETFs, referring to the SEC clearing the path for these funds.

Before spot Ether ETFs can start trading their S-1 filings must be approved, and Gensler said these are being handled at the “staff level.” When asked directly whether ETH is a commodity, Gensler remained noncommittal, reflecting the SEC’s uncertain stance on the classification of the digital asset.

In contrast, Commodity Futures Trading Commission (CFTC) Chair Rostin Behnam definitively stated, “yes,” when asked about ETH being a commodity. The distinction holds weight in determining the appropriate regulatory body for various cryptocurrencies.

The SEC will oversee securities, while the CFTC is set to regulate commodities. While Gensler has repeatedly suggested most digital assets fall under securities purview, he has refrained from specifically identifying them beyond those already targeted by the SEC in enforcement actions.

Gensler, who has led both the SEC and CFTC, expressed concern that the cryptocurrency industry is “thumbing its nose” at established regulations and suggested the CFTC’s current structure may not be well-suited for a disclosure-based oversight system, unlike the SEC’s approach.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/jun/14/