SEC Chairman Gary Gensler was against the Ethereum ETFs
The US Securities and Exchange Commission (SEC) finally approved the Spot Ethereum ETFs yesterday. However, that process differed slightly from the approval of the Spot Bitcoin ETFs in January. Unlike the Bitcoin ETFs, which were approved by a five-member committee, the SEC’s Trading and Markets Division handled the Ethereum ETFs.
As a result, Gary Gensler did not make a decision about the Ethereum ETF, which, according to new information, he was against.
Why was there a different procedure for Ethereum?
It may sound a bit strange that there was a different procedure for the approval of the Ethereum ETFs than for the Bitcoin ETFs. However, Bloomberg’s James Seyffart claims that this is the most normal thing in the world.
For most decisions they do it the way they do now with Ethereum. If the SEC had to hold a vote for every decision, Seyffart said it would take far too much time.
However, not everyone is convinced of Seyffart’s analysis. For example, a user on Twitter says that in principle the committee still has 10 days to appeal the decision.
Others believe the SEC felt political pressure to approve the Ethereum ETF. Of course, elections are coming and it seems that the democratic camp is trying to win some souls in this way.
One more big difference
Another major difference between the approval of the Bitcoin ETFs and those of Ethereum is that Bitcoin ETFs started trading the next day.
This was possible because they also immediately received approval for their S-1 forms. That did not happen in the case of Ethereum. As a result, applicants for Ethereum ETFs still have to wait for the approval of that form.
After that, the Ethereum ETFs can finally enter the market. In that respect we will probably have to be patient for a while. Some people speculate about a matter of weeks, while others are talking about months.
According to Bloomberg experts, we can expect ETFs to hit the market in mid-June. But they also previously thought that the approval of the Ethereum ETFs would come much later. So you see that even the experts are not always right.
