OVERVIEW

Gensler Gives Timeline For ETH ETFs

The crypto market gave back yesterday’s gains and then some, as big tech’s strength pushed U.S. stocks to new highs again. 🔻

In today’s Litepaper we cover an updated ETH ETF timeline straight from the SEC Chairman, the top 10 cryptocurrencies that are “in the money,” and a crypto 101 on the role of lending on DEXs. 📰

Before we dive in, here’s today’s crypto market heatmap:

And here’s a look at crypto’s total and altcoin market cap:

NEWS
SEC Staff To Spend Summer Reviewing ETH ETF Applications

Gary Gensler had difficult news for anyone at the Securities and Exchange Commission (SEC) hoping to enjoy their summer, updating the market on the tentative timeline for approving spot Ethereum ETF applications.

When the SEC approved 19b-4 proposals for eight spot ETH ETFs on May 23, 2024, expectations were they would launch within weeks to months…or within 90 days like Bitcoin ETFs. 🗓️

And it seems the longer end of that timeframe is most likely, with SEC Chair Gary Gensler suggesting the final approvals should be finished this summer during a budget hearing with senators.

He told the subcommittee of the Senate Appropriations Committee hearing that the process is “working smoothly” and that final registration requirements (S-1s) are being handled at the “staff level.” 📝

Once those S-1s are approved, the new ETFs can be listed and begin trading.

As for Ethereum’s reaction, well, there wasn’t much of any. Like Bitcoin, it’s stuck in the middle of its recent highs and lows, attempting to find support at the 50-day simple moving average. 👀

With many traders and investors looking to the Ethereum ETF approval and trading as the next major catalyst for crypto, prices may need another reason to get moving this summer while the SEC does its thing. 🤷