The Securities and Exchange Commission's Trading and Markets Division, not the agency's commissioners, made the decision to approve forms for a slew of spot Ethereum exchange-traded funds. 

In an order approving 19b-4 forms for ETFs from BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark, Invesco Galaxy and Franklin Templeton, there was a line at the end that sheds light on how the decision went down.

"For the Commission, by the Division of Trading and Markets, pursuant to delegated authority," the order read. 

This means that the SEC's division of trading and markets, not SEC Chair Gary Gensler or the four other commissioners, made the decision to greenlight spot Ethereum ETFs. 

When the SEC approved spot bitcoin ETFs earlier this year, the commissioners voted — SEC …