US Lawmakers Push for SEC Approval of Spot Ethereum ETFs

IconCryptoNewsTerminal Staff23 May, 2024

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US Lawmakers Push for SEC Approval of Spot Ethereum ETFs

A bipartisan group of US lawmakers has sent a letter to Securities and Exchange Commission (SEC) Chair Gary Gensler urging him to approve a spot Ethereum (ETH) exchange-traded fund (ETF). The lawmakers argue that the same legal and regulatory considerations that led the SEC to approve a spot Bitcoin ETF last year should also apply to a spot Ether ETF. They note that both Bitcoin and Ethereum are decentralized blockchain networks with native tokens that are widely used as investments. "We believe that a spot Ether ETF would provide investors with a safe and convenient way to gain exposure to the Ethereum ecosystem," the lawmakers wrote. "We urge you to approve a spot Ether ETF as soon as possible." The SEC has yet to approve a spot Ether ETF, but it has been considering several proposals. In October 2021, the SEC approved the first spot Bitcoin ETF, which has been a major success. The approval of a spot Ether ETF would be a significant development for the cryptocurrency industry. It would provide investors with a new way to invest in Ethereum and would help further legitimize the asset class.

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