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Bloomberg ETF analyst James Seyffart called for freedom of access to information (FOIA) requests regarding the SEC's approval of ethereum spot ETFs.
in a 5th June In the KITCO interview, Seyffart said public requests should look for “emails, calls (and) anyone who had conversations with (SEC Chairman) Gary Gensler” to determine what happened during the decision-making process. of the SEC.
He said there could be unused denial orders because of the agency's rapid change of stance.
The vote is not clear
Seyffart said the SEC approved ethereum spot ETFs through delegated authority, a common approach but an unusual choice for the topic at hand.
Delegated authority also means that voting records are unclear.
Seyffart said the choice points to a politically motivated decision and stated:
“Until someone comes out and shows me irrefutable evidence… this was political.”
Seyffart said the “leading theory” is that a member of the Biden administration called SEC Chairman Gary Gensler and influenced the agency's decision.
A secondary theory posits that someone influenced the vote of a Democratic SEC commissioner who previously voted against spot bitcoin ETFs. The reverse vote could have led the SEC to vote at least 3-2 in favor of ethereum spot ETFs, even if Gensler voted against the funds.
It is still possible for a commissioner to challenge the decision and force a vote. However, Seyffart said Democratic commissioners are unlikely to gain anything by making voting history transparent.
Previously he said that a challenge is twitter.com/JSeyff/status/1793773859415421394″>unlikely to influence the actual voting results.
The SEC should be less political
Seyffart also discussed the broader impact of the policy on the SEC. He argued that the SEC should not be totally apolitical but less political than it currently is.
Seyffart believes that, until recently, the SEC decided to deny spot crypto ETFs and proceeded to seek legal justification for its stance after the fact.
Instead, the president should choose the issues the agency focuses on and seek legal input from individual commissioners, leading to a decision “based on logic and reason,” Seyffart said.
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