U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has provided positive insights into the progress of approving Ethereum (ETH) exchange-traded funds (ETFs) in the spot market, stating that the process is proceeding smoothly.

During a recent interview at the Bloomberg Invest Summit in New York, Gensler hinted that the SEC is on track to grant final approval for the ETH ETF applications, although he refrained from specifying a timeline. He mentioned that the SEC’s staff is diligently working on the necessary registration and disclosure statements for the ETH ETFs.

Gensler emphasized, “While I cannot provide an exact timeline, the process is unfolding smoothly. The public can observe the progress through these filings… It primarily involves asset managers ensuring comprehensive disclosure, enabling the registration statements to become effective, and legal teams understanding the requirements. This is a routine task for our Division of Corporation Finance, executed seamlessly. Ultimately, it rests upon the asset managers to ensure accurate disclosures.”

Eric Balchunas, an expert on exchange-traded funds (ETFs) at Bloomberg, recently suggested that ETH ETFs might receive approval by July 2nd.

In the same discussion, Gensler criticized the crypto industry, labeling it as “highly centralized.” He raised concerns about the concentration of power within a few platforms that are centralizing operations and engaging in practices that would not be tolerated elsewhere. Gensler highlighted the legal violations related to trading practices, exchange operations, and potential conflicts of interest within the sector.

Gensler remarked, “The industry exhibits significant centralization, contrary to the principles of decentralization. This consolidation around a select few platforms, engaging in questionable practices, is a cause for concern. The law prohibits trading against clients, running exchanges, manipulating markets, or engaging in activities that undermine investor trust. Some prominent figures in the industry, who once commanded large audiences, now face legal repercussions.”

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