SEC Chair Says Ether ETFs Should Be Fully Approved by September, ETH Fails to Rally

TL;DR

• SEC chair Garry Gensler has revealed that Ether ETFs should be fully approved by September.

• Ether’s price is down by less than 1% and could slip below $3,500.

Ether Fails to Rally on Gensler’s Comment

The chair of the Securities and Exchange Commission, Gary Gensler, told senators in a budget hearing that the applications to run ether spot ETFs should be finished this summer.

His comment comes after the regulator granted the initial round of applications. Gensler revealed that the final registration requirements (S-1s filings)  are now being handled at the staff level.

Once those filings are approved, the Ether ETFs can be listed. This would allow the wider markets to gain easy access to funds that hold actual ether.

Ether failed to react despite Gensler’s comment. The price of the world’s second-largest cryptocurrency by market cap is down by less than 1% in the last 24 hours. At press time, Ether is trading at $3,501 per coin and could dip lower as the broader cryptocurrency market underperforms.

Ether likely failed to react because it already embarked on a rally after the initial round of approval last month. After the SEC’s initial round of approval last month, Ether rallied to a yearly high of $3,936 on 27th May. 

However, it has lost more than 10% of its value since then as the broader cryptocurrency market underperforms. 

Bitcoin, the world’s leading cryptocurrency by market cap, has also dropped to the $66k zone, losing 1.2% of its value in the last 24 hours. The poor performance resulted in the total cryptocurrency market cap declining to $2.43 trillion.