Gary Gensler, chairperson of the Securities and Exchange Commission, said on Wednesday that much depends on how quickly issuers respond to SEC inquiries about when spot ETFs linked to the cryptocurrency Ethereum will begin trading. "These registrants will respond proactively to the comments they receive, but the extent of that response is really up to them," he said. Mr. Gensler declined to say whether he thought the process would take weeks or months. Gary Gensler and SEC officials had not previously commented on why the SEC made a U-turn in approving the spot ETF application, but he said Wednesday that a lawsuit filed by Grey Release last year forced the SEC to approve the spot Bitcoin ETF in January, which influenced the SEC's view of Ethereum.