PANews reported on May 23 that according to CoinDesk, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler on Thursday declined to disclose the decision regarding the Ethereum (ETH) exchange-traded fund (ETF) application but suggested observers to "stay tuned." The SEC faced a Thursday deadline to make a decision on at least one spot Ethereum ETF application.

Gensler stated that although the court's ruling on Bitcoin ETFs led to a "shift in thinking" within the SEC, he could not comment on specific applications. He emphasized that the SEC would act within the framework of the law and the court's interpretation of the law.

Earlier this week, the SEC requested exchanges supporting spot Ethereum ETF applications to resubmit Form 19b-4 using standardized language. These forms were submitted on Tuesday, and exchanges began publishing them online that evening. Companies like Fidelity and Grayscale also submitted updated S-1 forms.

Additionally, Gensler reiterated the SEC's opposition to the cryptocurrency bill passed by the House on Wednesday and stated that the agency would continue to engage on the matter. He also discussed the SEC's crypto accounting policy SAB 121, which addresses the issue of crypto companies treating customer assets as their own during bankruptcy in 2022.