Bill Hughes, senior counsel at Consensys, said the SEC recently approved a spot ether (ETH) ETF, but its specific impact on ETH regulatory policy has yet to be seen. Consensys previously sued the SEC in Texas, saying it plans to treat ETH as a security and received an enforcement warning against the MetaMask product. Hughes argued that political pressure could influence SEC decision-making, but the specific impact remains to be seen. SEC Chairperson Gary Gensler said it would "take some time" to approve the S-1 registration statements for spot ether ETFs, which are expected to launch on July 4.