Category Archives: Ethereum

Ethereum is too hard to use – Blockworks

Anyone else think Ethereum is difficult to use these days?

Yeah, theres a bunch of cool stuff on Ethereum meme tokens, NFTs, DeFi, degens its all there. But over the years as the blockchain evolved, it has become more expensive and more complicated as in, an already complex technology for users has become even moreso.

Not only do users need to understand crypto basics like wallets, irreversible transactions and addresses, they also now have to contend with getting to know different chains. You cant just send Ethereum chain ETH to Optimism chain ETH, or Optimism chain ETH to Polygon chain ETH, unless of course you use a bridge which means that this system might be getting a little complex for many users.

Ethereum is becoming a multilayered lasagna-like system whereby complexity and fees are pushing people to the margins, causing interoperability and security concerns.

I wouldnt say theres anyone in particular to blame for this; its an ecosystem problem as a whole. When Ethereum launched almost 10 years ago, nobody was using it. At that time, any usage at all was welcomed.

Now, its 2024 and there is usage. But theres also expensive layer-1 fees. Average transaction fees on the layer-1 Ethereum blockchain are at $0.94. If a user wants to interact with a smart contract, like a DEX, fees are averaging $4.70.

Some might say, Well, maybe its time to examine fees themselves. Problem is, fees are what secure the network. If validators were not being incentivized by staking and reaping fees, what would be the point?

Okay, yeah, but theres the layer-2 options, right? There are. And Arbitrum and Optimism have both transaction and smart contract fees at less than $0.02. Were securing the bottom layer, enabling lower fees on the second.

But as a Coinbase report from late last year noted, there are so many of these layer-2s that fragmentation now exists between all of these different chains. And mainstream users, aka those who could enable mass adoption, want financial apps that dont make things complicated.

The point is clearly that Ethereum is just one big-ass financial experiment. I actually wrote about this way back in 2016, about Ethereum being a fintech sandbox.

And it has been one. When I wrote that piece, ICOs were only slowly gaining traction, DEXs were in their infancy and there wasnt even an NFT token standard yet just Plain Jane ERC-20s.

Read more from our opinion section: BlackRock clearly wants to take crypto seriously. Too bad its forever silly.

Times have certainly changed. Ethereums world computer concept, the idea that people could build programmable monetary systems on a verifiable blockchain, has been a success. The Ethereum Virtual Machine, or EVM, is a standard for smart contract development even outside the Ethereum ecosystem.

Then, theres the 2022 move to the proof-of-stake model, which to Ethereums credit, was pulled off with remarkable execution.

Yet Ive heard of people working on Ethereum layer-3 projects now. Thats an abstraction of two layers can anyone come up with something comparable for so many layers in technology? Maybe the OSI model? It has seven layers. But its used for data in networking, all running at the same speed. And theres no fees. Its just categorizing data.

Okay, well, blockchains are just data. So then we arrive back at the fee conundrum. But blockchains are decentralized, so there has to be some incentive to support the network, right?

Fees secure the Ethereum network, rent the computing power to do things and also limit spam. With that in mind, I suppose there have to be fees in the system Im not proposing some grand, new fee-less Ethereum design, thats for the Vitalik Buterins of the world.

There are rollups, and thats promising because they can batch process transactions off of Ethereum while lowering fees with the same level of security. Or maybe some smart startup can somehow increase interoperability instead of reducing it by having users dig through layers like a Stouffers Italiano.

I just am not convinced of the feasibility and long-term viability of so many bridges, some of which have been compromised. It feels like too many vulnerabilities in the margins. Perhaps a standardization of bridges is needed, and many wallets do warn users about interacting with bad smart contracts, so some safeguarding is happening.

But Im still trying to coincide my recent experiences with Ethereum as something

Very.

Lasagna-like.

Tasty for the taste buds as a food, yes.

But isnt it a bit complex for people to use as a blockchain? People want apps that offer free flow of money, not restrictive layers. Hopefully, Ethereum can evolve past this lasagna stage.

Daniel Cawrey has been involved full-time in the crypto space since 2013, including as an editor at CoinDesk. He is author of 2020s Mastering Blockchain and 2023s Understanding Crypto books, both available on Amazon.

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Ethereum is too hard to use - Blockworks

Ethereum Faces Sharp Rejection Around $4K as ETF Decision Nears: What’s Next for ETH Price? – Coinpedia Fintech News

Ethereum (ETH) saw significant price volatility recently, due to increased anticipation of spot Ethereum ETFs approval in the U.S. This positive news drove a 28% increase in ETHs price in a week, achieving highs last seen in mid-March. Although the price briefly dipped to approximately $3,700, key indicators suggest this decline is short-lived, with expectations for Ethereum to continue its upward trajectory.

One of the most compelling indicators of Ethereums potential for future price growth is the rising open interest in ETH futures and trading volume. Data suggests that ETHs open recorded a 4.3% gain in the last 24 hours, currently at $16.4 billion. Additionally, the trading recorded over 14% gain, surging to $60 billion.

Read more: Gensler Teases Upcoming SEC Decision on Ethereum ETFs: Heres What To Expect

However, the recent steep decline in the crypto market solidified bearish positions near the $4K milestone. During the early U.S. trading session, Bitcoin (BTC) fell from approximately $70,000 to below $68,000, while the price of Ethereum (ETH), having climbed to its highest level since mid-March at over $3,900 early Thursday, dropped to around $3,700. According to Coinglass, total liquidations exceeded $110 million, with long positions facing liquidations close to $90 million.

The decline could have been triggered by a large ETH sell order from trading firm Symbolic Capital Partner. Blockchain data showed the firm sold 6,968 ETH worth $27.4 million within a minute. Additionally, several whales have become active as their selling pressure continues to increase.

Ethereum co-founder Jeffrey Wilke moved 10,000 ETH ($37.4 million) to Kraken, possibly to take profits, rebalance his portfolio, or evaluate the trend. This is part of a larger pattern where more ETH is being deposited into exchanges, suggesting a rise in trading and potential market instability. This might strengthen the resistance for Ethereum price, which might trigger more frequent large selloffs.

Ethers price recently neared the $3,950 mark, reflecting a significant upward trend. However, bears strongly defended this level, resulting in a decline toward $3.7K. Despite strong rejection, bulls took control and are aiming for a retest of the psychological mark of $4K. At the time of this report, Ether is trading at $3,802, marking a 1.3% increase in the past 24 hours.

The bulls are poised to challenge the $4,100 resistance level ahead of the ETF decision. A positive news might skyrocket the price later. A breakthrough could signal a shift in the long-term market trend, potentially sending the ETH/USDT pair toward the $5,000 level.

On the other hand, for the bears to regain market control, they must drive the price below the 20-day EMA and breach the critical $3,600 support level. Such a move could trigger a fall to $3,350. However, the likelihood of a downward trend is currently lower due to increasing hope that the SEC will approve the ETH ETF.

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Ethereum Faces Sharp Rejection Around $4K as ETF Decision Nears: What's Next for ETH Price? - Coinpedia Fintech News

Ethereum price crash attributed to MEV manipulation: Report – Crypto Briefing

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Ethereum (ETH) faced a nearly 5% crash in one hour this Thursday, despite the anticipation around the approval of spot Ethereum exchange-traded funds (ETFs) in the US. The X user identified as ai_9684xtpa pointed out that this was likely a market manipulation movement by the trading firm Symbolic Capital Partners.

The agency sold 6,968 ETH in one minute at 20:56, worth $27.38 million, with an average selling price of $3,930; one transaction sold 3,497 ETH on the chain at one time, and the bribe cost was as high as 90 ETH, explained ai_9684xtpa.

Such transactions are known as MEV, short for maximal extractable value, which consists of using on-chain resources to profit. The payment of 90 ETH suggests a hurry to sell the position at a higher price to make it crash, possibly to buy it again at a lower price.

Since the crash, Ethereum has ranged in and out of the $3,800 price level and is priced at $3,803.37 at the time of writing, nearly 22% away from its previous all-time high.

As shared by Bloomberg ETF analyst James Seyffart, an approval of spot Ethereum ETFs is happening this Thursday. Despite the low odds given to this scenario until last Monday, Seyffart and his fellow Bloomberg analyst Eric Balchunas boosted the chances to 75% after the SEC started contacting the issuers.

Since then, various asset management firms presented amends to their 19b-4 filings, and VanEcks Ethereum spot ETF even got listed on DTCC under the ticker $ETHV. The first final deadline is today, as the US regulator must decide on VanEcks application.

Moreover, according to Balchunas, the SECs decision on spot Ethereum ETFs might come at 4 pm (EST). Although a positive outcome is expected, it doesnt mean immediate permission for trading.

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefings own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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Ethereum price crash attributed to MEV manipulation: Report - Crypto Briefing

Eager investors will pour $500m into Ethereum ETFs in opening week, OKX says – DLNews

Institutional investors are ready to pour $500 million into Ethereum ETFs over the next week if they are approved Thursday, according to analysis by OKX, the crypto exchange.

Its probably just as, if not more, important as the Bitcoin ETF approval, Lennix Lai, OKXs global chief commercial officer, told DL News.

The potential approval of Ethereum to be traded as a proxy under a traditional framework could bring about the next wave of institutional demand, Lai said.

Anticipation is building to a fever pitch after the US Securities and Exchange Commission appeared this week to drop its long-held resistance to approving a spot price exchange traded fund for Ethereum.

Ethereum has soared 24% since Monday and boosted the proof-of-stake sector Lido Staked Ether, for instance, is up 27% in the last seven days, according to CoinGecko.

Several applicants such as BlackRock, Invesco Galaxy, Fidelity, and Franklin Templeton are eagerly awaiting the SECs decision.

Asset manager VanEck is, however, first in line to get either a thumbs up or down from the regulator.

While Van Ecks head of digital assets research said on Wednesday that it expects the SEC to respect the queue, any approval will likely be extended to other applicants to avoid the agency being seen as kingmaker.

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Investors expect Ethereum ETFs to follow a similar course to the rollout of Bitcoin funds in January.

Ten such products have been trading at volumes exceeding $1.5 billion since January.

The advent of Bitcoin ETFs and Wall Streets embrace of the asset class spurred a record rally across crypto. This year, the sectors market value has skyrocketed 50% to $2.7 trillion.

An Ethereum counterpart could excite animal spirits even more. Bernstein analysts predicted this week that Ether will surge to $6,600 if the funds are approved.

Ethereum could potentially surpass its all-time high soon after a potential ETH ETF approval, Lai said.

An Ethereum ETF will make it easier and cheaper for retail investors to buy exposure to the second most valuable cryptocurrency.

Like the Bitcoin ETF before it, an Ethereum ETF will be a significant milestone for the industry, Jean-Baptiste Graftieaux, CEO of Bitstamp, told DL News.

Yet there may be a cost for crypto exchanges such as Coinbase and Kraken.

ETFs enable traders to access the asset class without using digital wallets or industry-native exchanges. Going mainstream, in other words, has many effects.

Yet Lai downplayed the long-term risk for exchanges and said the ETFs will provide a gateway for newcomers to crypto.

It may actually expand the overall market size, including volume and participants, meaning its complementary rather than cannibalistic, he said.

Eric Johansson is DL News News Editor. Got a tip? Email on eric@dlnews.com.

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Eager investors will pour $500m into Ethereum ETFs in opening week, OKX says - DLNews

Pre-ETF Decision Volatility: Over $200M in Liquidations as Bitcoin, Ethereum Crash Hard – CryptoPotato

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Pre-ETF Decision Volatility: Over $200M in Liquidations as Bitcoin, Ethereum Crash Hard - CryptoPotato

SEC Ethereum ETF discussions underway, S-1 approval expected in hours – Cointelegraph

The United States Securities and Exchange Commission (SEC) began discussions with potential issuers of spot Ether exchange-traded funds (ETFs) on May 22, leading some to anticipate an imminent approval.

Journalist Eleanor Terrett reported that discussions between SEC staff and spot Ether (ETH) ETF issuers about the S-1 forms concluded with the understanding that there was still work to do.

S-1 forms are registration statements that companies have to file with the SEC, including detailed information about the company and the securities they intend to offer or issue.

On the other hand, 19b-4 forms are regulatory filings issued to the SEC for approval and are used by self-regulatory organizations (SROs) like stock exchanges or trading platforms to propose new rules or change existing ones.

In a subsequent post, Terrett deferred to the ETF experts. Assuming that the SEC approves the 19b-4 forms on May 23, Terrett speculated that the SEC might work with Ether ETF issuers on S-1s over the next few weeks/months.

Eric Balchunas, a senior ETF analyst at Bloomberg, expects the SEC to issue an announcement on May 23 at around the same time it did for the spot Bitcoin ETFs:

Related:Ethereum ETF decision due in hours as BTC price gets $80K May target

This development follows the approval of the FIT21 crypto bill in the U.S. House of Representatives, which passed on May 22 with 208 Republicans and 71 Democrats in favor to 136 against.

Consensys CEO Joseph Lubin recently weighed in on the discussion in anticipation of the potential looming Ether ETF approvals.

Speaking exclusively to Cointelegraph at DappCon in Berlin, Lubin stated that Ether ETFs in the U.S. were as good as done.

According to Lubin, the 19b-4 applications filed by high-profile firms like BlackRock would be approved, but the process behind the S-1s could drag on for a while.

The Ethereum co-founder explained that pressure toward adopting a neutral stance is being applied to the SEC as the upcoming U.S. presidential elections approach.

Magazine:If Bitcoin doubles, Stacks will 4x in 2025: Daan Crypto Trades, X Hall of Flame

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SEC Ethereum ETF discussions underway, S-1 approval expected in hours - Cointelegraph

Ether ETFs approval could drive up the price of Ether by 60%, according to a crypto firm – Quartz

Crypto asset trading firm QCP Capital has predicted a potential 60% increase in the price of Ether, projecting that it could surge around $6,000 if the Securities and Exchange Commission (SEC) approves spot ethereum exchange-traded funds (ETFs). The crypto market is volatile right now, and all eyes are on the regulator, which will announce its decision this week.

Ethereum's ETF will be a speculative bet, strategist says

The financial watchdog will decide whether to approve or deny Van Ecks spot Ethereum ETF application on Thursday and the Ark 21Shares Ethereum ETF application on Friday.

The approval of the spot Ether ETF application would be a historic moment for the crypto industry, as financial giants have been waiting for it for years. The approval of spot Bitcoin ETFs earlier this year boosted the crypto industry and market, with Bitcoin soaring by over 50% in less than a month.

Meanwhile, the Depository Trust and Clearing Corporation (DTCC) has listed Vanecks ETF on its website, indicating that approval and trading could begin as soon as possible. The DTCC provides post-trade clearance, settlement, custody, and information services.

BlackRock, Bitwise, Grayscale, Van Eck, Ark 21Shares, Fidelity, Franklin, and Invesco have amended their 19b-4 filings with the SEC to remove provisions for staking. By doing this, these financial companies hope to obtain approval more easily. The 19b-4 filings are documents that national exchanges like the NASDAQ or the New York Stock Exchange (NYSE) submit to the SEC to request approval for listing new products on their trading platforms.

Experts are optimistic that the SEC will make a favorable decision regarding the Ether ETFs. Earlier this week, Bloomberg Intelligence ETF analysts Eric Balchunas and James Seyffart increased their approval odds for Ethereum ETFs from 25% to 75%. Balchunas posted on X that the SEC could be doing a 180 due to increasing political pressure. Crypto has emerged as a significant political topic in this election year, with presidential candidate Donald Trump making several pro-crypto statements while campaigning in May. Moreover, President Joe Biden is also taking a pro-crypto stance to garner support from the crypto community.

On Thursday mid-morning, Bitcoin was trading at $68,000, with a nearly 2.5% loss, while Ether was hovering around $3,800, more than a 1.9% gain, according to CoinMartketCap.

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Ether ETFs approval could drive up the price of Ether by 60%, according to a crypto firm - Quartz

SEC engages with Ethereum ETF issuers on S-1 forms – Crypto Briefing

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Fox Business journalist Eleanor Terrett said on Thursday that the US Securities and Exchange Commission (SEC) started talks with Ethereum exchange-traded fund (ETF) issuers regarding their S-1 registration forms. She cited sources who said there is still work to do on those forms.

This could be seen as a positive development, but it suggests there might have been a previous delay in communication.

In a separate post, Terrett indicated the SEC might approve the 19b-4 filings today, followed by collaboration with issuers on S-1 forms in the coming weeks or months.

Commenting on Terretts post, Bloomberg ETF analyst James Seyffart said with significant effort, S-1 applications for spot Ethereum ETFs could be resolved within a few weeks. However, he noted that the SEC may need additional time to complete the S-1 review process.

I think that if they work extremely hard it can be done within a couple weeks but there are plenty of examples of this process taking 3+ months historically, Seyffart suggested.

Most ETF issuers, including major players like Fidelity, Bitwise, Grayscale, VanEck, Ark 21Shares, Franklin Templeton, and Invesco, submitted their amended 19b-4 filings earlier this week. Nasdaq also refiled BlackRocks proposed Ethereum ETF yesterday.

The clock ticks down as the market braces for the SECs verdict on spot Ethereum funds.

Bloomberg analyst Eric Balchunas suggests a timeframe of around 4:00 PM ET for the SECs announcement on the fate of these ETFs. The decision on spot Bitcoin ETFs previously arrived slightly earlier on the designated date.

Meanwhile, Ethereums price has surged 25% over the past seven days, trading at nearly $3,800 at press time, according to CoinGeckos data.

Experts expect that a potential spot Ethereum ETF approval could trigger a sharp price increase. However, whether Ethereum can replicate Bitcoins price action after the spot fund approval remains uncertain.

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The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

Crypto Briefing may augment articles with AI-generated content created by Crypto Briefings own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight - and oversight - of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

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SEC engages with Ethereum ETF issuers on S-1 forms - Crypto Briefing

US Lawmakers Urge SEC to Approve Spot Ethereum ETFs – Watcher Guru

In what is certainly a notable development for the ongoing approval process, US lawmakers have urged the US Securities and Exchange Commission (SEC) to approve Spot Ethereum ETFs. Indeed, a letter from the Congress of the United States has called on the agencys chair, Gary Gensler, to approve the investment offering.

Lawmakers request consistency in the agencys approach to digital asset exchange-traded product approval. Specifically, they have insisted Gensler apply the same principles set forth in the approval of Spot Bitcoin ETFs to the Ethereum-based investment vehicle.

JUST IN: US lawmakers urge SEC to approve spot Ethereum ETFs, Politico reports.

Also Read: BlackRock Files updated 19b-4 Form for Spot Ethereum ETF

Over the last several days, the prospect of spot Ethereum ETF approval in the United States has drastically increased. The approval chances at the start of the month were not indicative of impending issuances. However, that changed this week as Bloomberg increased approval odds from 25% to 75%.

Now, a letter from US lawmakers has surfaced, as they have urged the SEC and its chairman, Gary Gensler, to approve spot Ethereum ETFs. Specifically, the letter is clear on its desire for consistency. Through that methodology, they asked the agency to approach an Ethereum ETF, in the same way, they did their Bitcoin ETF applications.

Also Read: Top 3 Cryptocurrencies To Buy For 5X Gains In Anticipation Of Ethereum ETF Approval

Spot Bitcoin ETF approval was granted in January of this year. Moreover, its arrival had massive ramifications on the overall value of the digital asset. Just three months after the investment offering was greenlit, the asset reached an all-time high of $73,000.

According to the letter from lawmakers, that approval represented a pivotal moment for both digital assets and our financial markets. Conversely, there is the belief that Ethereum could follow Bitcoins trajectory following its approval.

Over the last 24 hours alone, the asset has increased by almost 7% and nears the $4,000 mark, according to CoinMarketCap. Moreover, there are expectations that a spot ETH approval could catapult the asset to new heights in the coming weeks.

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US Lawmakers Urge SEC to Approve Spot Ethereum ETFs - Watcher Guru

SEC Chair Gary Gensler: ‘Stay Tuned’ on Ethereum ETF Decision – Watcher Guru

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