According to Wu, Consensys said that the SEC's latest approval shows that ETH is considered a commodity rather than a security, which is different from its previous position. Consensys welcomed the SEC's decision to approve the ETH spot ETF as a step in the right direction. However, Consensys also pointed out that the SEC's last-minute approval is another example of its troublesome, ad hoc approach to digital assets, and no other industry, market or asset has been subject to such deliberate regulatory abuse. This is unfair to market participants, runs counter to the rule of law, and constrains innovation. Consensys said it was pleased to see the tremendous efforts made by both parties in Congress to provide clear and reasonable regulation.