SEC Expected to Approve Spot Ethereum ETFs by July 2nd, Ethereum Surges to $3,500

Jun 14, 2024, 12:00 AM

The SEC is expected to approve the S-1 filings for spot Ethereum ETFs by the end of the summer, with some predictions suggesting an approval date as early as July 2nd, according to Bloomberg analyst Eric Balchunas. SEC Chair Gary Gensler confirmed this timeline during a Senate hearing, although he did not clarify whether Ethereum is a commodity. The approval is anticipated to boost the trading of Ethereum ETFs, which could have significant implications for the cryptocurrency market. BlackRock has already resubmitted their S-1 filing and is awaiting approval. The Commodity Futures Trading Commission (CFTC) has affirmed that Ethereum is a commodity, adding to the regulatory discourse surrounding the cryptocurrency. Ethereum's price recently surged to $3,500 on the news.