The U.S. Congress' scrutiny of Gary Gensler did almost nothing to change the SEC's position on the spot ETFs. Meanwhile, Ethereum went level with some web2 firms but ETH needs more than that.
applications have suffered the same fate. In its 27 September communiqué, the SEC noted that the application by 21Shares and Cathie Wood-led ARK Invest now has a new designated deadline of 26 December.section 19 of the 1934 Securities Act to support its decision. According to the SEC, the act allows the agency to postpone resolutions like the Ethereum spot ETF for 45 to 90 days.
“Accordingly, the Commission, pursuant to Section 19 of the Act, 5 designates December 26, 2023, as the date by which the Commission shall either approve or disapprove or institute proceedings to determine whether to disapprove, the proposed rule change.” The decision may come as a surprise to market players. This is because some members of the U.S. Congress had asked SEC Chair Gary Gensler toBut quizzing Gensler on 27 September, market participants hoped the commission would have been lenient on Ethereum. Unfortunately, that was not the case.
Despite the disappointment per the SEC decision, Bloomberg Intelligence analyst James Seyffart noted that the regulator couldSeyffart’s post on X reinforced the opinion of his fellow analyst Eric Balchuna. Balchuna said that the SEC could fast-track the Ethereum futures product to compensate for its spot ETF delay.
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