Gary Gensler Provides Ethereum ETF Update Criticizes Highly Concentrated Cryptocurrency Industry

CoinJiawang reported:
Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), stated that the approval process for Ethereum (ETH) exchange-traded funds (ETFs) in the spot market is “progressing smoothly”.
During a recent interview at the Bloomberg Investment Summit in New York, Gensler stated that the SEC will eventually approve the application for an ETH ETF, but did not provide a timeline.
He mentioned that the agency’s staff is studying the details of the registration and disclosure statements required for an ETH ETF.
“I don’t know the timing, but it is progressing smoothly. You can almost watch it publicly. You can see these filings…
This is really about asset management companies making full disclosures so that these registration statements can become effective, and those lawyers know what that is. It’s something our Division of Corporation Finance has done hundreds, even thousands of times in people’s careers. It’s going smoothly. The real responsibility is with the asset management companies making appropriate disclosures.”
ETF expert Eric Balchunas from Bloomberg recently stated that ETH ETFs could be approved before July 2nd.
In the same interview, Gensler also criticized the cryptocurrency industry for being “highly concentrated”.
“Much of this space is highly concentrated. It’s not decentralized. That’s not what’s happening here. It’s highly concentrated on a few platforms that are also centralizing and mixing things that we wouldn’t allow elsewhere. We don’t allow you to trade with customers, operate so-called exchanges, trade ahead of customers, potentially trade investment contracts or securities, and then list them, and then list them.”
All of that is possible in these spaces, and we’ve seen some leading (ones) that, if they were sitting on this stage two years ago, they would occupy a much larger room than this, and now they’re sitting in jail or waiting for jail.”
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