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The agencys chairman, Gary Gensler, has told investors to stay tuned to the US Securities and Exchange Commissions (SEC) spot Ethereum ETF decision. Indeed, the agency is currently approaching a Thursday deadline to issue approval for the crypto-based investment product.

Prior to this week, the digital asset market was less than optimistic about the prospects of approving Ether ETF. However, that changed Monday, with Bloomberg increasing approval odds from 25% to 75%. Moreover, many expect approval to take place before the end of the week.

JUST IN: SEC Chair Gary Gensler says 'stay tuned' when asked about spot Ethereum ETFs decision.

Also Read: Gary Gensler: SEC Has Done Very Well in Court on Crypto Cases

At the start of the year, the SEC greenlit the inaugural Spot Bitcoin ETFs in the United States. The decision ultimately led the asset to reach a new all-time high several months later. The investment product represented a massive turnaround in the perception of the digital asset among institutional investors.

Now, the market is hopeful that a similar development can take place for the second-largest cryptocurrency by market cap. Although those hopes were low a week ago, things appear to have changed. Subsequently, SEC Chair Gary Gensler said to stay tuned to the Ethereum ETF decision when asked about the potential approval.

Also Read: US Lawmakers Urge SEC to Approve Spot Ethereum ETFs

Gensler is currently speaking at the ICI Leadership 2024 Summit in Washington, DC. There, he has discussed the digital asset industry from the perspective of the SEC. The agency has not had the most positive relationship with the market, especially amid its enforcement-first approach to regulation.

Those two things appear to be changing, however, with the US House of Representatives recently passing the FTI21 crypto bill. The development appears to be a massive step forward for the industrys presence in the United States. Moreover, Genslers statements to the media regarding the Ethereum ETF decision lead many to believe that approval is surely on the cards.

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SEC Chair Gary Gensler: 'Stay Tuned' on Ethereum ETF Decision - Watcher Guru