(Bloomberg) -- Final approval of exchange-traded funds linked to Ether, the world’s second-most popular digital asset, could come during the summer, Securities and Exchange Commission Chair Gary Gensler told lawmakers.
“Individual issuers are still working through the registration process that’s working smoothly,” Gensler said during a Thursday hearing before a Senate Appropriations subcommittee.
Gensler’s remarks are yet another indication that the much-awaited launch of Ether ETFs could be getting closer. The SEC approved an initial round of applications last month from several exchanges to trade the products.
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Ultimate approval of the handful of issuer registration statements depends on the quality of disclosures to investors. The process is being handled at the staff level, he said. The agency cleared the launch of spot Bitcoin ETFs in January.
Gensler was responding to questions from Senator Bill Hagerty, a Tennessee Republican and ranking member of the Senate Appropriations Financial Services and General Government Subcommittee. “Ether needs to be approved as well, completely,” Hagerty said of the ETF applications.
Read more: US Paves Way for Ether ETFs in Test of Demand Beyond Bitcoin
Fund managers at companies including VanEck Associates, ARK Investment Management, BlackRock Inc. and Fidelity Investments would still need the SEC’s assent to make the new asset class a reality.
