Gary Gensler did not respond to questions concerning Ether ETF approval if or when the final day will be; rather, he suggested that the agency is working precisely on the matters of Ether Exchange-Traded Funds (ETF).
In an interview with CNBC on Wednesday, February 14, the Security and Exchange Commission chairman gave a little concern about the approval. Although the reporter was pushy with Gary, the SEC chairman suggested that the process would take the same course, just like Bitcoin ETFs. Additionally, he said, “I will not prejudge the course of the matter to the audience or you; that is a five-member commission matter to discuss and review.”
However, several institutions like Fidelity, Blackrock, and Grayscale have experienced a postponement in Spot Ether ETF approval by the SEC. Furthermore, Invesco Galaxy experienced a delay in the ETF approval decision on February 6th by the SEC. This was not the first time; Invesco also had a delay in December 2023.
Although analysts have expectations that May will serve as the deadline for Ether ETF approval, uncertainties have started to rise after the SEC chairman decided to stay quiet on the approval of Ether ETF. An analyst suggests that ETF approval will follow the same process as Bitcoin ETF approval did; moreover, May 23 marks a significant date in ETF approval. The SEC will have no choice but to approve or deny VanEck’s application.
Additionally, Gary Gensler commented on the rife of fraud and manipulation that the crypto market carries. “This is a field that has been rife with fraud and manipulation and looks at all the bankruptcy,” Gary stated. “However, we are working to ensure there is no fraud and manipulation in the market,” he concluded.
On the flip side of the coin, Ethereum and Bitcoin are performing pretty well; currently, Bitcoin is trading at $52,092 with an increase of 5.03% in 24 hours. Moreover, Ethereum is trading at $2,782.32 with an increase of 4.82% in the last 24 hours.