REGULATION

Ethereum spot ETF review with three days left, will Gary Gensler's crucial vote determine its fate?

share
Ethereum spot ETF review with three days left, will Gary Gensler

An Ethereum spot ETF will be voted on by the same five commissioners who reviewed the Bitcoin ETF on May 23. If the vote results in a 2:2 tie, the deciding vote will be cast by SEC Chairman Gary Gensler.

Ethereum Spot ETF Voting Day Approaching

According to the voting results on January 10, crypto-friendly commissioners Hester Peirce and Mark Uyeda cast affirmative votes, while Caroline Crenshaw and Jaime Lizárraga voted against.

It was Gary Gensler's crucial vote that secured the approval of the Bitcoin spot ETF.

Approving the ETF due to the failure of the Grayscale lawsuit, Gary Gensler: This is by no means an endorsement of Bitcoin

Bitcoin Spot ETF Voting Results

Will the SEC Commissioners' Stance Reverse?

Commissioners in Favor: Hester Peirce, Mark Uyeda

Hester Peirce has always been a staunch supporter of the crypto industry and continuously criticizes the SEC for improper regulation. She even attended the ETHDenver summit at the end of February.

Mark Uyeda has also criticized the SEC's "enforcement regulation" of the crypto industry. For example, last year, the SEC rejected Coinbase's petition for a cryptocurrency special law, and Mark Uyeda disagrees with the SEC's arbitrary practices.

Hester Peirce on the left

Commissioners Against: Caroline Crenshaw, Jaime Lizárraga

Caroline Crenshaw is a staunch opponent of the Bitcoin spot ETF. When it passed on January 10, she issued a lengthy statement criticizing manipulation and fraud in the Bitcoin spot market.

Jaime Lizárraga, on the other hand, is relatively moderate. He did not issue a statement when the Bitcoin ETF was approved, indicating a possible swing vote. He opposes the SEC's enforcement regulation but also believes that most cryptocurrencies are subject to U.S. securities laws.

According to Cointelegraph, Bloomberg ETF analysts Eric Balchunas and James Seyffart have reduced their approval prediction for the Ethereum spot ETF from 70% since January to 25%.

Bloomberg Analyst: Probability of Ethereum Spot ETF Approval Drops to 30%