The approval of the Ethereum spot ETF may depend on a crucial vote by the U.S. SEC Chairman GARY GENSLER. Based on past experiences, GENSLER's vote has been a decisive factor in the approval process of Bitcoin spot ETFs. In January this year, a five-member commission reviewed the Bitcoin spot ETF, with two crypto-friendly commissioners voting in favor, two against, and GENSLER casting a favorable vote, ultimately leading to approval. The same commission will vote on VANECK's Ethereum spot ETF on May 23rd.

Based on past experience, the fate of the Ethereum spot ETF may be decided this week by a vote from Gary Gensler, the Chairman of the U.S. SEC. In January of this year, the approval of the Bitcoin spot ETF was handled by a group of five commissioners. Two crypto-friendly commissioners, Hester Pierce and Mark Uyeda, voted to approve the ETF, while commissioners Caroline Crenshaw and Jaime Lizárraga voted against it. Gensler ultimately voted in favor, with many industry insiders believing his vote ultimately secured the approval of the Bitcoin spot ETF. The same five SEC commissioners will vote to approve or reject VanEck's Ethereum spot ETF on May 23rd. (Cointelegraph)

SEC Chairman Gary Gensler's Vote or Decision Determines the Fate of Ethereum Spot ETF