SEC Chairman

▲ Ethereum (ETH), Bitcoin (BTC) ©Coinleaders

"We expect to approve an Ethereum (ETH) spot ETF sometime this summer," SEC Chairman Gary Gensler said during a Senate Appropriations Committee hearing, according to crypto news source X Accounts Database.

"In the United States, summer typically means June through August," explained crypto media outlet UBlockchain.

In related news, Coindesk reports that "Gensler remained unclear when asked if he views Ethereum as a commodity. At the same hearing, Commodity Futures Trading Commission (CFTC) Chairman Rostin Benum said yes, Ethereum is a commodity."

CoinDesk reports.

CoinDesk noted that the news did little to change the slumping crypto market, saying: "Ethereum was up about 1% after Gensler's summer approval announcement, but was used as a selling opportunity, falling more than 3% in just over an hour. Bitcoin (BTC) also fell around 5%, trading at $66,300, its lowest level in over a week."

As of 8:29 a.m. ET on Thursday, Ethereum, the second-largest cryptocurrency by market capitalization, was trading at $3,472, down 2.55% in the past 24 hours, according to cryptocurrency market watcher CoinMarketCap. At the same time, market leader Bitcoin is down 1.96% to $66,847.