Updated: March 8, 2024 2:01 PM EST
Securities and Exchange Commission Chairman Gary Gensler has yet to provide any clues as to whether the agency will approve the position. Ethereum ETH
-0.15%
“I don’t want to prejudge any one document. As you said, we have 10 documents in front of us,” Gensler said. “So, it’s a news alert. I’m not going to prejudge it, but to your question, let’s look at the facts and circumstances and what was in front of us.”
Big names including BlackRock and Fidelity filed for spot Ethereum ETFs in November, followed by: Franklin Templeton, Ark 21Shares, VanEck and grayscale. Some experts have been optimistic that the SEC could approve a spot Ethereum ETF, given that the Ethereum futures ETF is already trading. win against the SEC in court last year. tip scale.
Not very dispersed
“The entire cryptocurrency sector is suffering,” Gensler, who has previously said most cryptocurrencies are securities and urged companies to register with the SEC, told YahooFinance on Friday.
“Abuse and fraud are rampant across the board,” Gensler said. “Look at the series of bankruptcies that occurred in 2022 and 2023 where investors didn’t get proper disclosure from the middle of the market, from intermediaries, and in the public’s eyes, that’s not very diversified.”
He said brokers were pooling investors’ assets and not providing “adequate disclosure.” “They are doing things we would never allow on the New York Stock Exchange.”
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About the author
Sarah is a reporter for The Block covering policy, regulation and legal events. Sarah was previously a reporter writing about securities regulation at CQ Legal, where she first began her reporting on cryptocurrencies. She Sarah has also written for The Bond Buyer and American Banker, among other financial publications. She graduated from the University of Missouri with a degree in Print and Digital Journalism. Sarah lives in Washington, DC and she is an avid coffee lover. You can follow her on Twitter @ForTheWynn.