The process for approving spot Ether ETFs differed significantly from the January approval process for spot Bitcoin ETFs. The latter required a vote by the five-member SEC committee, including SEC Chair Gary Gensler.

In contrast, the spot Ether ETFs were approved by the SEC’s Trading and Markets Division, meaning the SEC chair was not directly involved. The approval notice stated: “For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.” This variation has sparked considerable interest and discussion within the crypto community.

Bloomberg ETF analyst James Seyffart described this as typical, explaining that many approvals follow this method to avoid overwhelming the SEC with votes on every decision. He noted that although the approval was via delegated authority, the SEC chair or any commissioner could still call for a review. Seyffart found this aspect intriguing as it means no public votes by commissioners will be seen, but any commissioner, like Crenshaw, could challenge and request a review.

However, not all agreed with Seyffart. An X user, @TheThinker34, suggested that a commissioner might challenge the decision within ten days, indicating that using delegated authority could be a tactic to avoid public voting for political reasons. Another user, Kyle Chassé (@kyle_chasse), attributed the SEC’s decision to political pressure and the upcoming U.S. presidential elections, suggesting it was a strategic move related to ESG rules.