Chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has provided positive insights on the progress of spot market Ethereum (ETH) exchange-traded funds (ETFs), describing the approval process as “proceeding smoothly.”

During a recent interview at the Bloomberg Invest Summit in New York, Gensler hinted at the SEC’s forthcoming final approval for the ETH ETF applications, refraining from specifying a definitive timeline. He emphasized that the SEC’s team is diligently navigating the intricacies of mandatory registration and disclosure statements for the ETH ETFs.

Gensler expressed, “The timeline remains uncertain, but the process is advancing smoothly. Observers can track the developments publicly through these filings… It essentially revolves around asset managers ensuring comprehensive disclosure to facilitate the effectiveness of registration statements, a routine managed adeptly by our Division of Corporation Finance on numerous occasions throughout one’s career. The system is operating seamlessly, with the onus on asset managers to provide the necessary disclosures.”

Eric Balchunas, an expert in Bloomberg’s exchange-traded funds (ETF), recently suggested that ETH ETFs might receive approval by July 2nd.

In the same discussion, Gensler criticized the cryptocurrency industry, characterizing it as “highly centralized.” He highlighted concerns about the concentration of power within a select few platforms, which are centralizing operations and blending activities that would typically face prohibition elsewhere. Gensler pointed out instances where entities engage in practices that contravene established laws, such as trading against clients, running purported exchanges, and potentially manipulating investments in contracts or securities for personal gain.

He remarked, “These activities are potentially occurring within certain entities, where some prominent figures who, just two years ago, could have drawn a significantly larger crowd than present, now find themselves incarcerated or facing imminent imprisonment.”

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