Bloomberg ETF analyst James Seyffart urged the public to file Freedom of Information Act (FOIA) requests regarding the SEC’s approval of spot Ethereum ETFs.

In a June 5 interview with KITCO, Seyffart suggested requesting access to "emails, calls, [and] anyone that had conversations with [SEC chair] Gary Gensler" to uncover details about the SEC’s decision-making process.

He speculated that there might be unused denial orders due to the agency’s rapid shifts in position.

Regarding the approval process, Seyffart noted that the SEC granted approval for the spot Ethereum ETFs through delegated authority, a method commonly used but unusual for this particular issue. This approach also makes voting records unclear.

Seyffart suggested that the decision may have been politically influenced, stating:

“Until I have somebody come out and show me smoking gun evidence … this was political.”

According to Seyffart, the prevailing theory is that a member of the Biden administration contacted SEC chair Gary Gensler, influencing the decision. Another theory posits that someone persuaded a Democratic SEC commissioner who had previously opposed spot Bitcoin ETFs to change their vote, potentially securing a 3-2 majority in favor of the spot Ethereum ETFs, even if Gensler dissented.

Seyffart acknowledged the possibility of a commissioner challenging the decision and forcing a vote but suggested that Democratic commissioners might not benefit from making the voting records transparent.

He also critiqued the SEC’s politicization, arguing that while the agency should not be entirely apolitical, it should be less influenced by politics. Seyffart emphasized the importance of the SEC focusing on issues based on logic and reason, with input from individual commissioners.