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US Lawmakers pressure SEC for Ethereum ETF approval

Through a recent letter, five House Financial Services' members cite SEC’s previous bitcoin fund approvals in their letter to Gensler.

US Lawmakers pressure SEC for Ethereum ETF approval

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A bipartisan group of US lawmakers sent a letter to the SEC urging the approval of spot Ethereum exchange-traded funds (ETFs), as reported by Politico. The group consists of five members of the House Financial Services Committee, two Republicans and three Democrats, and is led by Rep. French Hill.

The letter mentions the approval of spot Bitcoin ETFs in January, claiming that it represents “a pivotal moment for both digital assets and our financial markets.”

“With the commission’s actions earlier this year, it seems a natural progression that would not only demonstrate consistency in the commission’s application of its standards but would also affirm the legal reasoning that facilitated the spot Bitcoin ETPs,” the lawmakers wrote in the letter.

Moreover, when urging the regulator to maintain a “consistent and equitable approach when reviewing upcoming applications,” the US lawmakers used “other digital asset-backed ETPs” instead of focusing on the Ethereum ETF matter.

Bloomberg ETF analyst Eric Balchunas highlighted this choice of words via an X post and added that this might be an indicator of more ETF applications related to other crypto.

“Will be interesting to see how far and how quickly the ETF industry pushes envelope (which is something its good at). Wouldn’t be surprised if they pounce on SEC vulnerability and file all kinds of coins (kinda like they have in Europe) to test the limits.”

The final deadline for the first spot Ethereum ETF application ends today, prompting the SEC to give a clear stance on these investment instruments.

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