At a budget hearing on Thursday, Securities Exchange Commission (SEC) Chairperson Gary Gensler did not answer yes or no when asked directly whether ETH is a commodity, instead sticking to the agency's uncertain stance on the asset. At the same hearing, when asked if it is a commodity, Commodity Futures Trading Commission (CFTC) Chairperson Rostin Behnam replied: "Yes." Previously, during the aforementioned hearing, the SEC chairperson said he expected the Ethereum ETF's S1 application to be approved sometime in the summer.