SEC Delays Ether ETF, Gensler Grilled
SEC Delays Ether ETF, Gensler Faces Scrutiny
The Securities and Exchange Commission (SEC) has delayed decisions on several spot Ether exchange-traded fund (ETF) proposals, sparking intense questioning of Chair Gary Gensler during a recent House Financial Services Committee hearing. The hearing highlighted inconsistencies in SEC communication and a lack of cooperation with the crypto industry.
Gensler's Testimony Under Fire
Noelle Acheson, author of the Crypto Is Macro Now newsletter, analyzed the hearing, noting Gensler's difficulty in clearly defining securities. Committee members criticized the SEC's apparent double standards and lack of transparency regarding crypto regulation. The delays in approving Ether ETFs, a key issue for the crypto industry, further fueled the criticism.
Impact of ETF Delays
The SEC's decision to delay approvals for VanEck and ARK's Ether ETF proposals, while simultaneously considering applications from Franklin and Hashdex, has left many in the industry frustrated. The lack of clarity is creating uncertainty and hindering market development.
Key Developments
- SEC Delays: The SEC delayed decisions on several spot Ether ETF proposals from prominent firms like VanEck and ARK.
- Congressional Hearing: Chair Gensler faced intense questioning regarding the SEC's approach to crypto regulation.
- Communication Concerns: Concerns were raised about inconsistent SEC communication and a lack of cooperation with market participants.
- Industry Uncertainty: The lack of clear regulatory guidance is causing uncertainty and potentially hindering investment in the crypto market.
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