Wu said that according to Fox reporter Eleanor Terrett, US SEC Chairman Gary Gensler has just told Senator Bill Hagerty that he expects the approval of the ETH spot ETF S-1 may be completed by the end of this summer. Generally speaking, summer in the United States refers to June to August. Gary also mentioned that DeFi faces challenges in enforcing anti-money laundering laws due to the permissionless nature of blockchain.

When asked directly whether Ethereum (ETH) is a commodity, SEC Chairman Gary did not answer yes or no, but maintained an indecisive stance on the asset. During the same hearing, when asked whether Ethereum is a commodity, Commodity Futures Trading Commission (CFTC) Chairman Rostin Behnam replied: Yes.