The head of the U.S. Securities and Exchange Commission (SEC) has stated that Ethereum (ETH) based exchange-traded products (ETFs) should receive approval from the regulatory agency by the end of the summer.

During a recent hearing at the US Senate, SEC Chair Gary Gensler mentioned that while the SEC had previously partially approved Ethereum ETFs earlier this year, full approval would still take a few more months.

Gensler stated, “The Ethereum exchange-traded product filings submitted by stock exchanges, around eight or nine of them, were all approved together. Individual issuers are currently in the process of completing the registration smoothly. I anticipate that it will be completed sometime over the summer.”

In May, the SEC gave the green light to form 19b-4 filings from major financial institutions such as BlackRock, VanEck, Grayscale, Fidelity, and ARK Invest, bringing them one step closer to launching ETH ETFs. The SEC must now approve each firm’s S-1 registration form before these ETH-related ETF products can be introduced to the market.

Following the approval of the company’s filings by the SEC, $3 billion worth of Ethereum was transferred out of centralized exchange (CEX) platforms last week.

In January, the SEC approved ETFs based on Bitcoin (BTC), the leading cryptocurrency by market cap, after years of rejections. A court ruling last year mandated the regulatory agency to reconsider its stance to maintain consistency, especially since it had previously approved BTC futures ETFs.

At the time of writing, Ethereum is trading at $3,460, representing a 4.23% decrease in the last 24 hours.

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