Spot Ethereum ETF supporters achieved progress during a Senate hearing as SEC Chair Gary Gensler indicated applications were advancing. Speaking to a Senate Appropriations subcommittee, Gensler hinted that spot Ether (ETH) ETFs might receive full regulatory approval by the end of September.
Gensler stated at the June 13 budget hearing that the final batch of filings is under staff review. The SEC had already approved proposed rule changes to list spot ETH ETFs last month. However, Gensler did not clarify whether Ether is a commodity or a security, despite his counterpart at the Commodity Futures Trading Commission, Rostin Behnam, asserting it should be classified as a commodity.
Notably, the removal of staking language from applications suggests Ethereum’s proof-of-stake mechanism is under SEC scrutiny. The SEC has also launched enforcement actions against Ethereum-related providers like Consensys and Uniswap. This development is strategically important as it may influence the regulatory landscape for decentralized finance in the U.S.
