SEC Chairman Gensler May Not Have Wanted Ethereum: No Vote on ETF Decision!

The Spot Ethereum ETF was approved without a vote, unlike the Bitcoin ETF.

The U.S. Securities and Exchange Commission (SEC) approved spot Ethereum exchange-traded fund (ETF) applications on May 24. Ethereum ETF applications from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy, and Franklin Templeton were accepted en masse.

While the SEC was approving the spot Bitcoin ETF, a vote was taken by Chairman Gary Gensler and 4 commissioners. Bitcoin ETF was approved by a vote of 3 to 2. But spot Ethereum ETFs were not subject to such a vote.

The SEC's approval filing stated, "For the Commission, pursuant to the authority delegated by the Trading and Markets Division." So it looks like ETFs have been approved by the SEC's Trading and Markets division.

Making a statement on the subject, Bloomberg ETF analyst James Seyffart described this move as "normal":

It is normal for decisions to be made through delegated authority. This is generally how things are done. It would be crazy if the SEC required a formal vote on every decision or document. It's good to see where the political lines are drawn.