The SEC's approval of Ethereum ETFs through delegated authority, without a public voting process by commissioners like the one for Bitcoin ETFs in January, could have a substantial impact on the crypto market. According to James Seyffart, this method allows any commissioner, such as Crenshaw, to request a review, though it would unlikely change the decision.

The absence of a public vote has raised concerns about internal politics within the SEC. Seyffart noted that while delegated authority is common for many decisions, the lack of transparency in this instance invites speculation about the commissioners' positions. He emphasized that the lack of a detailed voting record obscures the political dynamics involved in the approval process.

Gabriel Shapiro from MetaLeX discussed the procedural intricacies, highlighting that only 19b-4 filings were approved, not S-1s. He argued that this technical distinction explains why Ethereum did not experience a significant price surge post-announcement and suggested there is still a possibility of denial.

Responding to community confusion, Bloomberg's ETF expert Eric Balchunas clarified that the approval process followed standard procedures and was unlikely to face significant challenges. Balchunas affirmed that while the approval is definitive, the method of approval using delegated authority is typical for the SEC. He attributed the subdued market reaction to the news being largely anticipated, especially after significant developments earlier in the week.

The approval of Ethereum ETFs signals a potentially favorable outlook for future crypto ETF applications. However, the SEC's use of delegated authority has sparked conversations about the need for greater transparency from the agency and the potential political factors influencing such decisions.