Securities and Exchange Commission Chairman Gary Gensler said the process of launching the first funds

The launch of the first Ethereum (ETH) spot trading funds in the United States is “going smoothly,” said Gary Gensler, chairman of the Securities and Exchange Commission.

Speaking at a Bloomberg conference on June 25, Gensler remained tight-lipped on when ETFs might launch and pushed back when asked if they could be launched before the U.S. election in November.

“It’s really about asset managers fully disclosing their information so that that registration data is effective,” he said.

“What we have in front of us – and this is being implemented at the employee level – is what’s called registration data, disclosure data,” Gensler added. “Again, these disclosures are really important. They are important for investors making investment decisions.

The SEC approved 19b-4 filings from eight ETF bidders on May 23, but asset managers are still making changes to their Form S-1s — the final filings that SEC Finance and exchanges need to approve before trading begins.

Analysts expect the SEC to approve trading of the funds as early as next week, which is the first week of July.

‘There is nothing inconsistent’ in securities laws

The U.S. cryptocurrency industry has raised millions and pushed to make digital assets an election issue after facing a barrage of enforcement actions from the Gensler-led Securities and Exchange Commission.

Presidential candidate Donald Trump has said he would end what he called President Joe Biden’s “war on crypto,” and billionaire investor Mark Cuban has claimed Gensler “could literally cost Joe Biden the election.”

Gensler said he wasn’t talking about the election when asked about Trump and Cuban’s comments.

“We have a very clear set of rules. There is nothing contradictory between crypto securities and securities laws,” he added. “Unfortunately, many people do not comply with the law.”

about: South Korean think tank warns against cryptocurrency ETFs

Gensler said there were as many as 20,000 crypto tokens purporting to be investment contracts – a type of securities under US law – that did not provide “adequate disclosure” to US investors.

“This is an area where leaders have been either in prison, about to go to prison or awaiting extradition for two years,” he said.

He added: “We are taking this matter to court, and it will happen because people who do not follow the law are harming the American public. »

And to

“Gensler will cause Biden to lose the election.”

review: Godzilla vs. Kong – SEC Faces Uphill Battle Over Legal Power of Cryptocurrencies

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