Gary Gensler, the SEC Chair, recently addressed the media, shedding light on the Commission’s position regarding Bitcoin and other cryptocurrencies. While Spot Bitcoin ETF applications were approved on January 10, 2024, sparking speculation of more crypto ETFs entering the market, Ether ETF applications are currently at the forefront. However, Gensler's recent statements suggest that approval for Ether ETFs may not be imminent.

Gensler emphasized that while the Commission has approved 11 Bitcoin ETF applications, this does not necessarily indicate their endorsement of Bitcoin itself. The approval primarily reflects how the product can be traded. Cryptocurrencies remain under scrutiny due to their largely unregulated status, with concerns about potential market manipulation and fraud.

The SEC remains committed to safeguarding investors and their interests, emphasizing the need for thorough scrutiny before greenlighting any product. Gensler stressed the Commission's responsibility for investor education and highlighted the false notion that investing in cryptocurrencies and equities involves a similar level of risk. Regulations have been implemented to mitigate risks and ensure a safer trading environment.

As for other potential crypto ETFs, including Ether ETFs, their approval is uncertain. While there is ongoing speculation driven by crypto enthusiasts advocating for adoption, concerns persist regarding the use of cryptocurrencies for illicit activities such as ransomware and money laundering.

Crypto ETF applications will undergo review and discussion among the 5-member commission before being considered for trading.

Gensler's statements come amid a significant surge in Bitcoin's value, attributed in part to reduced selling pressure from GBTC. Bitcoin is poised to surpass its all-time high (ATH) of $65,000 by the end of the year, with its current price of $51,984.59 suggesting this milestone could be reached sooner than anticipated. Additionally, the Bitcoin halving event expected in the middle of the year may further boost its price trajectory.

Expectations surrounding Ether ETFs continue to influence its trading price, which has risen by 5.08% in the last 24 hours to $2,779.96.