The post SEC Chair Gensler Clarifies Spot Bitcoin ETF Approval, Offers No Assurance On Ethereum ETFs’ Future appeared first on Coinpedia Fintech News

In a recent CNBC interview, SEC Chair Gary Gensler discussed the January approval of spot Bitcoin ETFs, clarifying that this decision doesn’t necessarily indicate a similar outcome for Ethereum ETFs. Despite significant interest from major firms like Fidelity and BlackRock in launching a spot Ethereum ETF, Gensler hinted at the SEC’s merit-neutral position. The approval of Bitcoin ETFs, he noted, is not an endorsement of Bitcoin, leaving the future of Ethereum ETFs in dark.

Gensler Critiques Bitcoin’s Ransomware Link Despite ETF Approvals

In a recent CNBC interview, Gary Gensler, the chair of the U.S. Securities and Exchange Commission (SEC), pointed out that Bitcoin holds a significant share in the ransomware market. Gensler has been bearish on Bitcoin, despite the SEC’s earlier decision to approve 11 Spot Bitcoin ETFs this year.

After these notable approvals, Gensler issued a statement highlighting that the approved applications were similar to those previously rejected. He acknowledged that “circumstances have changed,” leading to their approval. Yet, he also showed his concern over Bitcoin’s association with ransomware as a key factor in his ongoing criticism of the cryptocurrency.

Gary Gensler remained tight-lipped regarding the chances of spot Ether exchange-traded funds (ETFs). Upon being asked about the potential timing or decision-making process, Gensler offered minimal details, only stating that the approach to evaluating Ether ETFs would mirror that of Bitcoin ETFs, without providing any insights into their current progress or expected decision dates.

He said, “What we did in January was cabined to one set of filings. We have other filings in front of us, but I’m not going to prejudge it for you or the audience. That’s something that a five-member commission discusses and reviews.”

SEC’s Decision On Ethereum ETF

Gensler made his vote in favor of approving those spot bitcoin products, which were officially listed a month prior. He clarified that his decision did not constitute an endorsement of bitcoin and highlighted the importance of progressing forward in light of a recent court ruling.

The regulatory body postponed its decision on the Invesco Galaxy Ether ETF approval on February 6th. This delay followed a similar postponement of Invesco’s ETF application in December.

Additionally, the SEC has deferred decisions on various other Ethereum ETF applications, including submissions from Grayscale, Fidelity, and BlackRock, the largest asset management firm globally. VanEck and Hashdex are among other contenders seeking ETF approvals.

The SEC faces deadlines for various ETF applications: VanEck’s by May 23, ARK 21Shares by May 24, Hashdex by May 30, Grayscale by June 18, and Invesco by July 5. Decisions on Fidelity and BlackRock’s applications are due by Aug. 3 and Aug. 7 respectively.

Bloomberg ETF analyst James Seyffart anticipates simultaneous decisions on all pending Ether ETF applications by May 23, similar to the SEC’s approach to approving spot Bitcoin ETFs on Jan. 10.