A bipartisan group of US lawmakers suggested the Securities and Change Fee (SEC) in a Might 22 letter to approve spot Ethereum exchange-traded funds (ETFs).
The letter signatories included Monetary Committee Vice Chairman Rep. French Hill, Home Majority Whip Tom Emmer, and Representatives Josh Gottheimer, Mike Flood, and Wiley Nickel.
Ethereum ETF
Within the letter addressed to SEC Chair Gary Gensler, the lawmakers urged the regulator to use the identical ideas it used for spot Bitcoin ETFs to Ethereum ETF purposes. They argued that this could exhibit regulatory consistency.
The letter famous that the launch of Bitcoin ETPs supplied a regulated and clear funding car for American buyers. It additionally highlighted the SEC’s dedication to investor safety and acceptance of recent monetary markets — arguing that approving an Ethereum ETF would reinforce this dedication.
The lawmakers added:
“With the Fee’s actions earlier this 12 months, it appears a pure development that may not solely exhibit consistency within the Fee’s utility of its requirements however would additionally affirm the authorized reasoning that facilitated the spot Bitcoin ETPs choice.”
The legislators additionally acknowledged that the SEC’s market surveillance and enforcement measures would mitigate considerations about market manipulation and that transparency and reporting necessities would allow buyers to make knowledgeable selections.
The assist for Ethereum ETFs comes amid a shifting regulatory panorama for crypto within the US. Just lately, the trade has been on the heart of conversations and debates, resulting in the passage of payments to create regulatory readability for the rising trade.
‘Keep tuned’
The SEC Chair hinted {that a} choice on the pending ETH ETF purposes is imminent, advising market observers to “keep tuned.”
A number of trade specialists anticipate the approval of those monetary devices later immediately, on Might 23.
After weeks of minimal engagement, the SEC just lately requested exchanges supporting the ETF purposes to refile their 19b-4 varieties with standardized language. Moreover, the SEC appears to be partaking straight with potential issuers, as firms like Grayscale have filed up to date S-1 varieties this week.
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