Bloomberg ETF analyst James Seyffart The SEC approved of the spot Ethereum ETFs.
It is not a June 5 Seyffart told KITCO that search should be done for public requests in the interview. “emails, calls, [and] anyone that had conversations with [SEC chair] Gary Gensler” To determine the SEC’s decisions and how they were made.
The rapid shift in the Agency’s stance could have led to unused denial order.
Uncertain voting
Seyffart stated that the SEC has approved spot Ethereum ETFs by delegated authorities, which is a standard approach. However, it’s a unique choice in the case at hand.
Voting records can also be unclear when there is a delegation of authority.
Seyffart stated that this choice is a political decision.
“Until I have somebody come out and show me smoking gun evidence … this was political.”
Seyffart has said that “leading theory” Is that the same Biden Administration member who was called SEC Chair? Gary Gensler The agency made a decision based on the information provided.
Second, someone could have swayed the vote of an SEC Democratic commissioner who voted previously against Bitcoin ETFs. It is possible that the SEC would have voted at least 3-2 for spot Ethereum ETFs if Gensler did not vote against them.
A commissioner can still challenge the decision to force a vote. Seyffart, however, said that Democratic commissioners would not gain much from the transparency of voting records.
He had previously stated that the challenge was unlikely to influence The actual results of the voting.
SEC must be less politically motivated
Seyffart has also addressed the impact politics have on the SEC. He suggested that the SEC is not apolitical, but should be less politically oriented than it is currently.
Seyffart thinks that until very recently the SEC had refused to allow spot crypto-ETFs. It then went on to justify its position after the event.
The chair would be better off choosing the main issues that the agency will focus on, and then seeking legal input from the individual commissioners. This could lead to a final decision. “based on logic and reason,” Seyffart said.
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Source: cryptoslate.com