Fox Business reporter Eleanor Terrett reports, via X, that SEC Chair Gary Gensler envisions Ether ETF approval by the end of the summer.

🚨NEW: @SECGov Chairman @GaryGensler just told Senator @BillHagertyTN he envisions $ETH Spot ETF S-1’s will likely be approved by the *end of the summer.*

— Eleanor Terrett (@EleanorTerrett) June 13, 2024

He made the comments during a hearing on the SEC's budget.

Clip of @GaryGensler telling Senator @BillHagertyTN he envisions $ETH Spot ETF S-1’s will likely be approved by the *end of the summer.* $ETHE #CRYPTO pic.twitter.com/WbAEjkABUK

— tradernews.ai (@tradernewsai) June 13, 2024

For now, Ether prices have reacted only modestly...

Notably, JPMorgan is skeptical about approval of further crypto ETFs after Ether.

JPMorgan strategist Nikolaos Panigirtzoglou pointed out that the US Securities and Exchange Commission considers most cryptocurrencies to be securities, which raises doubts about the approval of further crypto ETFs.

"The SEC's decision to approve ETH ETFs is already excessive given the lack of clarity about whether Ethereum should be classified as a security or not," Panigirtzoglou told The Block.

"We do not believe the SEC would go any further by approving Solana or other token ETFs, as the SEC has a stronger view (compared to Ethereum) that tokens outside of Bitcoin and Ethereum should be classified as securities."

Watch the hearing here...