During a Senate hearing, supporters of spot Ethereum ETFs received positive news as SEC Chair Gary Gensler indicated progress in the application process. Speaking to the Senate Appropriations Committee subcommittee, Gensler hinted at a potential full regulatory approval for spot Ether ETFs by the end of September. He mentioned in a budget hearing on June 13 that the final batch of filings, known as S-1s, for the registration of securities has entered the staff review phase. The commission had previously approved proposed rule changes (19b-4) to list spot ETH ETFs. Despite confirming that Ethereum ETFs may soon start trading, Gensler refrained from clearly defining Ether's asset status as either a commodity or a security.

Contrary to Gensler's stance, Rostin Behnam, the counterpart at the Commodity Futures Trading Commission, expressed the opinion that Ether should be classified as a commodity. While issuers submitted spot ETH ETF bids in a non-security manner, the official approach of U.S. regulators and policymakers towards the asset remains uncertain. The absence of staking language in applications indicates potential SEC scrutiny of Ethereum's proof-of-stake (PoS) consensus mechanism. The securities agency's enforcement actions and issuance of Wells Notices to Ethereum-related entities like Consensys and Uniswap support Gensler's perspective. However, with recent political shifts, investigations into Ether's underlying technology could face obstacles. The overall regulatory landscape surrounding Ethereum ETFs remains complex and subject to evolving interpretations.