The head of the U.S. Securities and Exchange Commission (SEC) has indicated that Ethereum (ETH) based exchange-traded products (ETFs) could receive approval from the regulatory body by the end of the summer.

During a recent hearing at the U.S. Senate, SEC Chair Gary Gensler mentioned that while the SEC had previously granted partial approval for Ethereum ETFs earlier this year, full approval may still be a few months away.

Gensler stated, “The Ethereum exchange-traded product applications that were submitted by various stock exchanges, around eight or nine in total, were all conditionally approved. Individual issuers are currently in the process of completing the registration procedure, which is progressing smoothly. I anticipate that this will be finalized sometime over the summer.”

In May, the SEC gave the green light to form 19b-4 filings from major financial institutions such as BlackRock, VanEck, Grayscale, Fidelity, and ARK Invest, bringing them one step closer to launching ETH ETFs.

The SEC now needs to approve each firm’s S-1 registration form before any ETF products related to Ethereum can be introduced to the market.

Following the SEC’s approval of the company’s filings, $3 billion worth of Ethereum was withdrawn from centralized exchange (CEX) platforms last week.

In January, the SEC approved ETFs linked to Bitcoin (BTC), the leading cryptocurrency by market capitalization, after years of rejecting similar proposals. A court ruling last year mandated the SEC to reconsider its position to maintain consistency, especially after approving BTC futures ETFs previously.

At the time of writing, Ethereum is trading at $3,460, marking a 4.23% decrease over the past 24 hours.

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