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Gary Gensler Still Won't Say ETH is a Commodity

Gensler also said he expects to receive final S-1 forms sometime this summer.
Jack Inabinet Jack Inabinet Jun 13, 20241 min read
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Gary Gensler Still Won't Say ETH 
is a Commodity

SEC Chair Gary Gensler participated in a Senate budget hearing this morning at which he was asked to give a direct answer on Ether’s commodity status.

What’s the scoop?

  • Evasive Answer: When directly asked to give a “yes” or “no” response to the question of whether ETH is a commodity, Gensler responds that his agency has approved 19b-4 rule change filings for spot ETH ETFs from stock exchanges, but that individual issuers were still working through the S-1 registration forms from issuers. His agency expects to receive finalized versions of these forms sometime this summer.
  • CFTC Clarity: Also present at this hearing was Commodities Future Trading Commission (CFTC) Chair Rostin Behnam, who responded with a simple affirmation that ETH is indeed a commodity.

Bankless Take:

Although Gensler refuses to provide an answer as to whether Ether is a commodity or if pending spot ETH ETFs will be listed for trading, it appears clear that the SEC is set to approve the instruments in the coming weeks on the rationale that Ether is a commodity.

Despite his evasiveness to the questioning, Gensler expounds that the SEC has already approved futures ETFs based on CME traded commodity futures, that approval of S-1 is a staff decision that simply hinges on these filings containing the correct disclosures, and that the Commission has previously approved ETH exchange traded products.

 

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Jack Inabinet

Written by Jack Inabinet

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Jack Inabinet is a Senior Analyst with a passion for exploring the bleeding edge of crypto and finance. Prior to joining Bankless, Jack worked as an analyst at HAL Real Estate where he conducted market research and financial analysis for commercial apartment development and acquisition activities in the Seattle region. He graduated from the University of Washington’s Michael G. Foster School of Business and remains based out of the Seattle area.

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