Perianne Boring, founder and CEO of blockchain advocacy group Chamber of Digital Commerce, suggested the seeming lack of urgency from Congress could delay the passage of crypto-related legislation, while a Bitcoin (BTC) exchange-traded fund, or ETF, was in the SEC's hands: “It’s been a decade since the first spot Bitcoin ETF was put forward [...] We still don’t have one, but we have a futures Bitcoin ETF. So, how does this make sense? It’s all about political power, so it really comes down to chairman Gensler.”

Boring clarified that Gensler prioritized oversight of crypto exchanges prior to the SEC approving any spot crypto investment vehicle. Under the SEC chair, the financial regulator has turned down or delayed decisions on numerous applications for spot crypto ETFs, including from Grayscale, Bitwise, VanEck, and ARK 21Shares. Grayscale filed suit against the government agency in June following its latest ETF rejection.