Gary Gensler commented on the Approval of Spot Ethereum ETF

Amid the recent downturn in the cryptocurrency market, there is one event that all investors are looking forward to.

After the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETF applications for the U.S. markets in January this year, the price of the flagship cryptocurrency has shot to new highs.

A few months later, the SEC granted partial approval for the creation of a spot Ethereum ETF. The only thing left to see such an investment product is the final approval of the companies’ S-1 filings.

According to a recent announcement by Bloomberg ETF analyst Eric Balchunas, the expected approval will happen on July 2, 2024 – next week.

This news has sparked extreme enthusiasm among crypto investors, especially amid the recent market correction.

A few minutes ago, SEC Chairman Gary Gensler appeared as a speaker at the Bloomberg Invest event and said that the approval process for the Ethereum ETF is going smoothly and seamlessly.

With the SEC potentially approving applications for spot ETH ETFs, analysts are expecting a major rush of capital into these products, which could reverse the downward trend and push cryptocurrencies on a bullish trajectory.

At the time of writing, Etherium is trading at $3,400 – representing a 3.55% increase over the past 24 hours and a trading volume of $15.9 billion.