Earlier today, SEC Chairman Gary Gensler talked about the timeline for approving spot Ethereum (ETH-USD) exchange-traded funds (ETFs) during a Senate hearing. According to The Block, when Republican Senator Bill Hagerty asked about it, Gensler said approvals could come this summer and mentioned that issuers are smoothly working through the process. The SEC gave the green light to spot Ethereum ETFs on May 23, and experts think trading could start around July or August.
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However, Sen. Hagerty criticized Gensler’s handling of crypto regulations, saying the SEC’s roadblocks are pushing U.S. companies to move abroad. He stressed the need for clear rules to help the U.S. lead in this innovative industry. Hagerty pointed out that other countries are creating supportive regulations while the U.S. faces uncertainty. A Coinbase report showed that only 26% of crypto firms are based in the U.S. now.
It seems like Republicans have begun embracing the cryptocurrency industry. In fact, Donald Trump recently stated that all Bitcoin mining should be done in the U.S. and that he will protect the industry from Senator Elizabeth Warren’s anti-crypto stance.
Is ETH Going to Boom?
Despite the positive news for ETFs, the price of Ethereum remained lower at the time of writing. Still, using TipRanks’ technical analysis tool, the indicators seem to point to a positive outlook. Indeed, the summary section pictured below shows that 11 indicators are Bullish, compared to three Neutral and eight Bearish indicators.
