US Congressmen Encourage SEC Approval of Spot ETH ETPs
A bipartisan group of House representatives recently sent a letter to SEC Chair Gary Gensler, urging the commission to approve spot Ether ETPs. The letter followed the House’s successful FIT21 vote. Here are the key points from the letter:
- Representatives French Hill, Josh Gottheimer, Tom Emmer, Wiley Nickel, and Mike Flood signed the letter.
- The approval of spot ETH products would demonstrate consistency with the SEC’s standards and ensure investor protection.
- The letter emphasized the need for the SEC to apply the same principles to Ethereum ETP applications as it did with Bitcoin.
Spot ETH ETPs Approval on the Horizon?
The crypto community has eagerly awaited the SEC’s decision on spot ETH ETPs since January. Analyst James Seyffart estimated a 75% chance of approval this week due to impending deadlines for Van Eck and ARK’s applications. The approval of Bitcoin ETPs was seen as a step towards investor protection and modernizing the financial market.
Crypto Regulatory Progress Despite SEC Challenges
Recent developments suggest growing support for spot ETH ETPs despite potential SEC pushback. Lawmakers have shown discontent with the SEC’s approach, leading to the overturning of SAB121 and the passing of the FIT21 Act. This legislative pushback might accelerate spot ETP approvals, as analyst Eric Balchunas anticipates an announcement around 4 PM on Thursday.
Hot Take: A New Chapter for Crypto Regulation?
Congressional pressure on the SEC to approve spot ETH ETPs signifies a potential shift in regulatory attitudes towards cryptocurrencies. With increasing bipartisan support and legislative actions like FIT21, the crypto community remains optimistic about future regulatory developments in the US.
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