On Thursday, U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler remained reticent about the agency’s forthcoming decision on ether (ETH) exchange-traded funds (ETFs). Addressing the topic at an Investment Company Institute event in Washington, Gensler advised observers to “stay tuned,” offering no specifics on the pending applications.

Despite acknowledging that a recent court decision on ETFs had prompted a shift in the SEC’s stance, Gensler was non-committal when questioned about the agency’s next steps. “I don’t have anything on this particular filing,” he stated.

Gensler emphasized the SEC’s commitment to operating within the legal framework and interpreting the law as guided by the courts. This follows the agency’s response to the D.C. Circuit Court of Appeals’ rejection of the SEC’s previous approach to spot bitcoin (BTC) ETFs earlier this year.

In recent developments, the SEC requested exchanges backing spot ether ETF applications to refile their 19b-4 forms using standardized language. These forms, submitted by Tuesday, began appearing online that night. The SEC also started engaging directly with potential issuers, such as Fidelity and Grayscale, which filed updated S-1 forms this week. The SEC faces a deadline to decide on at least one spot ether ETF application by the end of Thursday.

The updated filings suggest the SEC is wary of ether ETF issuers staking any assets, reflecting concerns within the regulatory body. While these actions do not guarantee approval, industry experts believe they increase the likelihood of the ETFs being approved.

Gensler acknowledged the court’s differing perspective, which influenced the SEC’s recent actions.

The D.C. Circuit took a different view, and we took that into consideration and pivoted

he remarked.

Also read: ‘Winter is Over’ — Bullishness Returns in Wake of Ether ETF Anticipation

Gensler reiterated the SEC’s ongoing opposition to the crypto bill passed by the House of Representatives on Wednesday. “We’ll continue to engage,” he said, highlighting the lack of necessary disclosures from token operators that investors need and that are legally required. He pointed out that several leaders in the crypto field have faced legal repercussions, emphasizing the regulatory challenges.

Regarding Congressional efforts to overturn the SEC’s crypto accounting policy, Staff Accounting Bulletin No. 121 (SAB 121), Gensler defended the bulletin as guidance. It aimed to address issues where failing crypto firms treated customer assets as their own during bankruptcies. “The crypto that these companies have said they took as custody actually became part of the bankruptcy estate,” Gensler explained, underscoring that it was an essential accounting measure introduced in 2022.