{"id":33165,"date":"2024-06-27T04:57:05","date_gmt":"2024-06-27T04:57:05","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/gary-gensler-talks-ethereum-etf-approval-and-decries-centralization-in-crypto\/"},"modified":"2024-06-27T04:57:05","modified_gmt":"2024-06-27T04:57:05","slug":"gary-gensler-talks-ethereum-etf-approval-and-decries-centralization-in-crypto","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/gary-gensler-talks-ethereum-etf-approval-and-decries-centralization-in-crypto\/","title":{"rendered":"Gary Gensler Talks Ethereum ETF Approval and Decries Centralization in Crypto"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler stated that the approval<\/a> process for spot market Ethereum (ETH) exchange-traded funds (ETFs) is \u201cgoing smoothly.\u201d Speaking at the Bloomberg Invest Summit in New York, Gensler indicated that the SEC would give final approval to the ETH ETF applications but did not provide a specific timeline.<\/p>\n

Gensler explained that the SEC staff is diligently working through the required registration and disclosure statements for the ETH ETFs. He emphasized the transparency of the process: \u201cI don\u2019t know the timing, but it\u2019s going smoothly. You can almost follow it publicly. You see these filings\u2026\u201d<\/em><\/p>\n

He added, \u201cIt\u2019s really about the asset managers making the full disclosure so that those registration statements can go effective and those lawyers know what that is. It\u2019s something our Division of Corporation Finance handles hundreds, if not thousands of times over anybody\u2019s career. It\u2019s smoothly functioning. It\u2019s really up to the asset managers to make the proper disclosures.\u201d<\/em><\/p>\n

Bloomberg ETF expert Eric Balchunas recently predicted that ETH ETFs might be approved by July 2nd.<\/p>\n

Criticism of the Crypto Sector<\/h2>\n

In the same interview, Gensler criticized<\/a> the crypto sector, describing it as \u201chighly centralized.\u201d He stated, \u201cSo much of this field is highly centralized. It\u2019s not decentralized. That\u2019s not what\u2019s happening here. It\u2019s highly centralized around a few platforms that are also centralizing and commingling things that we would never allow anywhere else. And we don\u2019t.\u201d<\/em><\/p>\n

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Gensler elaborated on the issues within the sector: \u201cThe law doesn\u2019t allow you to be trading against your customers and operating a so-called exchange and trading in front and possibly also taking investments in an investment contract or security and then listing and getting the listing pop. These are all happening potentially at these, and we see some of the leading [ones who] two years ago would have filled a room much bigger than this if they were sitting on this stage are now sitting in jail or awaiting jail.\u201d<\/em><\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler stated that the approval process for spot market Ethereum (ETH) exchange-traded funds (ETFs) is \u201cgoing smoothly.\u201d Speaking at the Bloomberg Invest Summit in New York, Gensler indicated that the SEC would give final approval to the ETH […]<\/p>\n","protected":false},"author":35,"featured_media":33166,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33165"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/35"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=33165"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/33165\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/33166"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=33165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=33165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=33165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}