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House Members Seek Approval of Spot Ethereum ETF
House Members Seek Approval of Spot Ethereum ETF
A handful of U.S. officials are calling for approval of Ethereum spot ETFs as the deadline to issue a decision approaches.
A letter signed by five members of Congress, said similar standards applied when approving Bitcoin spot exchange-traded funds in January should be used when evaluating Ethereum products. Signatories to the letter sent Wednesday to the Securities and Exchange Commission, Gary Gensler, include Financial Services Committee Chairman French Hill (D-Ark).
“The Commission should apply the same principles set forth in the approval of spot Bitcoin ETPs when evaluating pending Ether ETP applications,” according to the letter, also signed by committee members Josh Gottheimer (D-NJ), Tom Emmer (R-Minn.), Wiley Nickel (D-NC) and Mike Flood (R-Neb). “The legal considerations relevant to Bitcoin also apply to ether.”
A decision on Ethereum spot ETFs is expected today and looks more likely than it did just a week ago as sentiment shifts. A flurry of activity suggests that listing exchanges and applicants, including companies ranging from VanEck to Fidelity, have been in contact with regulators and have updated their legal frameworks to address SEC concerns about fraud and transparency.
Fit21 passed by the house
The House yesterday approved so-called FIT21, which would reformulate how securities issuers must comply with federal law and Supreme Court precedent. The White House has said it opposes the bill, while not threatening to veto it.
The SEC is expected to rule today on an application from ETF giant VanEck and two days before ruling on an Ark/21 Shares investment proposal.
Ether was up slightly at around $3,821 on Wednesday morning after climbing 29% over the past seven days, according to cryptocurrency market data provider CoinMarketCap. Most of these gains came as the likelihood of one-time Ethereum ETF approvals soared.
The $88.2 million ProShares Ether Strategy ETF (EETH) has increased by 2.7% and its price has doubled over the past year.
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