Approval for Ethereum or XRP ETF Hangs on the Balance: Here’s Why

• Only three SEC commissioners voted yes for the Bitcoin ETF, and among them was Gary Gensler.
• Lawyer Bill Morgan argued that the fate of any crypto ETF rests on Gensler.
• The SEC chair admitted consenting to an approval amid the legal setback last year.

Although the U.S. regulator has authorized the crypto spot exchange-traded fund (ETF) for Bitcoin, the prospect of additional crypto ETFs still appears uncertain. Prominent pro-crypto lawyer Bill Morgan called attention to this uncertainty in a recent statement on X.

In the post, Morgan highlighted the divide in the U.S. Securities and Exchange Commission (SEC) leadership that voted for Bitcoin spot ETFs to be approved. Specifically, of the five SEC commissioners, three voted yes, and among them was Gary Gensler, the SEC chair notorious for his unfriendly crypto stance.

Essentially, the lawyer emphasized that the fate of any crypto ETF rests on Gensler’s vote. “You need a vote from Gary Gensler to approve a spot Ethereum or XRP ETF. Let that sink in,” Morgan remarked.

Furthermore, a notable on-chain sleuth, Mr. Huber, argued that the SEC chairman had even voted for the approval “very reluctantly,” …

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