US Lawmakers Pressure SEC to Apply Same Principles for Ethereum as Bitcoin ETFs

Five U.S. representatives have called on the U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler to ensure a uniform and fair treatment in their review of upcoming ethereum exchange-traded funds (ETFs), similar to their method used for approving spot bitcoin ETFs.

SEC Urged to Maintain Consistency Between Ethereum and Bitcoin ETFs

Five U.S. representatives have urged the U.S. Securities and Exchange Commission (SEC) to adopt a consistent policy for ethereum exchange-traded funds (ETFs), following their previous approval of spot bitcoin ETFs. In a letter dated May 22 to SEC Chair Gary Gensler, Representatives French Hill, Tom Emmer, Mike Flood, Josh Gottheimer, and Wiley Nickel explained that “the approval of spot bitcoin exchange-traded products (ETPs) represents a pivotal moment for both digital assets and our financial markets.”

The lawmakers continued: “We urge the Commission to maintain a consistent and equitable approach when reviewing upcoming applications for other digital asset-backed ETPs.” They added:

Specifically, the Commission should apply the same principles set forth in the approval of the spot bitcoin ETPs as it evaluates the pending ether ETP applications as the legal considerations pertinent to bitcoin also apply to ether.

“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 decision. We encourage the Commission to continue enabling and embracing financial innovation while ensuring the full protection of the federal securities laws for investors,” the lawmakers emphasized. The SEC faces deadlines for spot ethereum decisions today and tomorrow for proposals by Vaneck and Ark Invest.

On Wednesday, the U.S. House of Representatives passed H.R. 4763, the Financial Innovation and Technology for the 21st Century Act (FIT21), significantly boosting the crypto industry as the bill aims to provide a clear regulatory framework for digital assets. This move came despite opposition from President Joe Biden and SEC Chair Gensler. Additionally, both the House and the Senate recently voted to repeal the contentious SEC’s Staff Accounting Bulletin No. 121 (SAB 121).

Do you think the SEC will approve spot ethereum ETFs? Let us know in the comments section below.

Source: Bitcoin

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