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SEC Chair Gary Gensler, who has been in the eye of the storm over his positions on cryptocurrencies, didn’t participate in the decision to approve the first-ever spot Ethereum (CRYPTO: ETH) ETFs in the U.S, a departure from his involvement in the approval of the spot Bitcoin (CRYPTO: BTC) ETFs.
What Happened: The SEC’s Trading and Markets Division, not the agency’s five commissioners, approved forms for several spot Ethereum ETFs, The Block reported on Thursday.
The decision was made by the division under delegated authority, as stated in the order approving 19b-4 forms for ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton.
Unlike the approval process for spot Bitcoin ETFs earlier this year, which involved a vote by the commissioners, this decision did not involve SEC Chair Gary Gensler or the other commissioners.
Bloomberg ETF analyst James Seyffart remarked that using delegated authority is standard practice for the SEC, explaining that requiring a vote for every decision would be impractical.
Why It Matters: Gensler has carefully dodged questions around Ethereum’s security question. In March, he declined to comment on whether the asset should be classified as a commodity, stating it depends on the circumstances. This ambiguity has led to increased uncertainty in the cryptocurrency markets.
Reports surfaced in recent months, accusing the SEC of covertly building a case to classify the cryptocurrency as a security.
The spot ETF approvals come amid ongoing regulatory scrutiny of the cryptocurrency sector. Earlier in the week, Chair Gensler criticized the FIT21 Crypto Bill, warning it could create “new regulatory gaps.” Gensler emphasized the need for comprehensive regulation to protect investors and ensure market integrity. The bill was eventually passed in the House, receiving substantial bipartisan support.
Price Action: At the time of writing, ETH was trading at $3,736.44, down 0.72% in the last 24 hours, according to data from Benzinga Pro.
Photo: Created with an image from Shutterstock and Third Way Think Tank on Flickr
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
