The final approvals for exchange-traded funds (ETFs) that trade Ethereum’s ether (ETH) should be completed this summer, according to U.S. Securities and Exchange Commission Chair Gary Gensler, who informed senators during a budget hearing on Thursday. In an appearance to defend the market regulator’s budget before a Senate Appropriations Committee subcommittee, Gensler stated that everything is proceeding according to plan following the initial approval of a batch of exchange-traded funds. Although he claimed that the agency had already approved the first batch of applications, the filings known as S-1s, which are the final prerequisites for registration, are still being managed at the “staff level.”
The new ETFs can be listed after those filings are accepted, opening up new markets to easily traded funds that hold real ether, similar to the previous development of bitcoin spot ETFs that hold (BTC). In response to a direct question about whether ETH is a commodity, Gensler remained unsure about the asset and did not provide a yes or no response.Commodity Futures Trading Commission chief Rostin Behnam answered “yes” when asked if it is a commodity during the same session.