- US lawmakers have issued a letter to the SEC urging the agency and its chairman, Gary Gensler, to approve Spot Ethereum ETFs.
- The lawmakers request consistency in the SEC’s approach, insisting Gensler “apply the same principles set forth in the approval of Spot Bitcoin ETFs” to the Ethereum-based investment vehicle.
- The letter states that the approval of Spot Bitcoin ETFs earlier this year represented “a pivotal moment for both digital assets and our financial markets,” implying a belief that Ethereum could follow a similar trajectory if approved.
US lawmakers have issued a letter to the SEC urging the agency and its chairman, Gary Gensler, to approve Spot Ethereum ETFs. This represents a notable development for the ongoing ETF approval process.
Lawmakers Request Consistency
In the letter, lawmakers requested consistency in the SEC’s approach to digital asset exchange-traded product approval. Specifically, they insisted that Gensler “apply the same principles set forth in the approval of Spot Bitcoin ETFs” to the Ethereum-based investment vehicle.
Urging Letter Surfaces
Over the last several days, the prospect of spot Ethereum ETF approval in the United States has drastically increased. Now, a letter from US lawmakers has surfaced, as they have urged the SEC and Gensler to approve spot Ethereum ETFs. The letter clearly desires consistency. Through that methodology, lawmakers asked the agency to approach an Ethereum ETF in the same way they handled Bitcoin ETF applications.
Spot Bitcoin ETF Approval as Precedent
Spot Bitcoin ETF approval was granted in January 2022. Moreover, its arrival had massive positive ramifications on the overall value of the digital asset. Just three months after the investment offering was approved, the asset reached an all-time high of $73,000.
According to the letter from lawmakers, that Bitcoin ETF approval represented “a pivotal moment for both digital assets and our financial markets.” There is the belief that Ethereum could follow a similar trajectory after its own ETF is approved.
Ethereum Price Increase
Over the last 24 hours alone, the Ethereum price has increased by almost 7% and is nearing the $4,000 mark. There are expectations that SEC approval of a spot ETH ETF could catapult the asset to new heights in the coming weeks.
Conclusion
The letter from US lawmakers represents a significant development in the ongoing Ethereum ETF approval process. The lawmakers cited consistency in urging the SEC to greenlight a spot Ethereum ETF, just as they did for Bitcoin. With Ethereum prices already increasing in anticipation, approval could launch the asset to new all-time highs.
