Anti-Crypto Politicians Rally Against SEC’s Potential Approval of Spot Ethereum ETFs: Fox Reporter

cryptonews.com:

Optimism surrounding the Securities and Exchange Commission’s (SEC) approval of Ethereum spot ETFs by May 23 is diminishing.

In a recent post on X, Fox reporter Eleanor Terrett revealed that influential anti-cryptocurrency politicians, including Senator Elizabeth Warren, are actively opposing the passage of ETH spot ETFs, while SEC staff members have shown limited engagement in promoting the product.

“Based on my conversations with people familiar, meetings in recent weeks have been very much one sided,” she wrote on Sunday. 

While the industry stakeholders have been trying to rally SEC staff to expedite the process, staff members have not shown meaningful engagement as they did with Bitcoin spot ETF applications.

According to Terrett, SEC Chair Gary Gensler believes that he has already appeased the industry with the approval of BTC spot ETFs. 

Additionally, influential anti-crypto politicians, such as Senator Warren, who were already displeased with the SEC’s approval of BTC ETFs, are rallying against a similar outcome for ETH.

According to a source mentioned by Terrett, gauging the stance of the SEC staff has been challenging, leaving uncertainty about their thought process. 

However, the source emphasized that if the ETH spot ETF has any chance of approval, SEC staff will need to commence their work soon, considering the May 23 deadline is just over two months away.

“But they’re going to have to start work soon if it’s going to have a shot.”