The SEC approved Ethereum ETFs through delegated authority, a decision that could significantly impact the crypto market. Unlike the Bitcoin ETF approval in January, which required an SEC vote, this approval did not undergo a public voting process by commissioners. This method of approval, as noted by James Seyffart, means any commissioner, such as Crenshaw, can request a review, though it would not alter the decision.The lack of a public vote has raised questions about the political forces within the SEC. Seyffart highlights that while delegated authority is the norm for many decisions, the lack of transparency in this case leaves room for speculation about the commissioners’ stances. Per Seyffart, the absence of a detailed voting record obscures the political lines drawn during the approval process.Gabriel Shapiro from MetaLeX commented on the procedural nuances, noting that only 19b-4s were approved, not S-1s, arguing that this technical distinction explains why Ethereum did not experience a significant price increase following the news and suggesting it could still be denied.This community confusion led Bloomberg ETF expert Eric Balchunas to confirm that the approval process was standard and wouldn’t be “challenged in any meaningful way.” Balchunas reiterated that while the approval is final, the procedural method used was typical for the SEC. He suggested that the muted market reaction was due to the expected approval, especially after significant news earlier in the week.The approval of Ethereum ETFs signifies a potentially positive outlook for future crypto ETF applications. However, the SEC’s delegated authority process has sparked discussions about the need for greater transparency from the SEC and the potential political influences behind such decisions.Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.CryptoSlate is a comprehensive and contextualized source for crypto news, insights, and data. Focusing on Bitcoin, macro, DeFi and AI. Must-read crypto news & insights. Delivered daily.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The examinations will determine S&C’s awareness of FTX misconduct and potential conflicts during SBF’s Robinhood shares acquisition.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.All spot ETH ETFs have yet to launch despite recent developments.ICBC compared Bitcoin to gold and said Ethereum has established itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.DeFillama data shows the platform’s TVL rose 135% despite the attack.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
