The approval process for the Spot Ethereum ETF is progressing smoothly, according to US Securities and Exchange Commission (SEC) Chair Gary Gensler. Speaking at the Bloomberg Invest Summit, Gensler expressed optimism about the new investment product, which could launch as early as July. This development is a significant milestone for the cryptocurrency market, with Ethereum set to follow Bitcoin's example.

Gensler noted the positive trajectory of the approval process, stating that "the registration process is working smoothly." The SEC is collaborating with issuers on their S-1 filings, a necessary step before the ETFs can begin trading. He hinted at a potential launch within the next few months, emphasizing the importance of "disclosure and registration" for final approval.

Several Ethereum ETF issuers are preparing to meet SEC requirements. For example, VanEck has submitted amended S-1 filings and announced a 0.20% fee, which will be suspended until 2025 to attract investors. Other issuers are also finalizing their filings in anticipation of a July launch, reflecting broad industry optimism about the SEC's approval.

The approval of Spot Ethereum ETFs could have significant implications for the cryptocurrency market. Following the success of Bitcoin ETFs, which saw Bitcoin prices surge to an all-time high, Ethereum ETFs could lead to increased investment. Gensler also addressed broader market challenges, criticizing the industry for non-compliant practices and emphasizing the need for greater regulatory oversight to protect investors.