SEC Chair Gensler: Ether ETFs Expected to Be Approved by September

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has announced that final approvals for exchange-traded funds (ETFs) trading Ethereum's ether (ETH) are expected to be completed this summer. During a budget hearing before the Senate Appropriations Committee, Gensler stated that the process is moving smoothly following the initial approval of a group of ETFs. The agency has already granted initial approval for the ETFs, but the final registration requirements, known as S-1s, are currently being handled by SEC staff. Once these filings are approved, the new ETFs will be listed, allowing for easier access to ether for investors. Gensler's statement comes after the establishment of bitcoin spot ETFs, which hold (BTC). However, when asked directly whether ETH is a commodity, Gensler did not provide a clear answer, maintaining the SEC's uncertain stance on the asset. In contrast, the Commodity Futures Trading Commission (CFTC) chief, Rostin Behnam, stated that he considers ETH to be a commodity.