Gary Gensler and the SEC seem hesitant to approve Ethereum ETFs. This hesitation is evidenced by the multiple delays in decision-making. The SEC even initiated public consultation to strengthen its position.

The SEC has further delayed its decision on Invesco Galaxy's request for an Ethereum spot ETF. A new deadline of July 5th has been set, creating ongoing uncertainty for potential ETF issuers.

The Commission has justified the delays by stating the need for sufficient time to consider the proposed rule changes and the related issues. Over the past months, the SEC has postponed decisions on applications from eight potential Ethereum ETF issuers, leaving them in limbo.

In March, Bloomberg ETF analyst Eric Balchunas revised his forecasts for SEC approval of ETFs from 50% to 35%. He expressed doubt about VanEck's offering being approved by the deadline due to increased political resistance against the SEC chairman, Gary Gensler.

Despite these concerns, some remain hopeful of ETF approvals, pointing to previous approvals of Ethereum futures ETFs. However, others like MicroStrategy's Michael Saylor are skeptical, predicting no approval for Ethereum ETFs.