Washington, D.C. – The U.S. Securities and Exchange Commission Chair Gary Gensler kept quiet on the decision regarding ether exchange traded funds (ETFs) during a recent event, hinting only for observers to stay tuned.
Gensler mentioned that the court’s ruling on ETFs had influenced the agency’s approach, signaling a shift in their strategy. However, when pressed for details on how the SEC plans to address the pending crypto-related applications, he chose not to divulge specifics.
Speaking at an Investment Company Institute event in Washington, Gensler emphasized the agency’s commitment to abiding by the law and complying with court interpretations. With the recent rejection of the SEC’s approach to spot bitcoin ETFs by the D.C. Circuit Court of Appeals, the regulatory landscape for crypto-related investments remains uncertain.
Following limited engagement in previous weeks, the SEC requested exchanges supporting spot ether ETF applications to resubmit their forms with standardized language. This move prompted exchanges to publish updated filings online, while companies like Fidelity and Grayscale also submitted revised forms to the SEC for review.
The SEC’s reservations about ether ETF issuers potentially staking assets were apparent in the submitted forms. Industry insiders speculate that the recent developments signal a higher chance of approval for the ETFs, despite not guaranteeing a favorable outcome.
Gensler pointed out the agency’s ongoing opposition to the crypto bill passed by the House of Representatives, emphasizing the need for greater transparency and compliance within the token operator space. Regarding Congress’s attempt to overturn the SEC’s crypto accounting policy, Gensler defended the decision as necessary guidance to address financial discrepancies in failing crypto firms.
As the regulatory landscape evolves, Gensler reaffirmed the agency’s stance on upholding investor protection and ensuring compliance within the rapidly expanding crypto market. The SEC’s decisions on ether ETFs and crypto accounting policies are crucial steps in navigating the complexities of digital asset regulation.