US Lawmakers Ask Gary Gensler to Allow Approval of Spot Etheruem ETFs – DiarioBitcoin

According to the legislators, Gensler and the SEC should give to ETFs Ethereum the same treatment that funds based on Bitcoin approved at the beginning of the year, thereby opening a safe and regulated mechanism for investors to participate in said market.

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• Lawmakers invite Gensler to reconsider his stance on ETFs Ethereum
• They consider that the approval of the funds will enable a safe and regulated path to invest in these products
• The SEC should give ETFs Ethereum the same treatment that funds based on Bitcoin
• Today is the deadline for the SEC official verdict on a first batch of applications

Amid what appears to be the countdown to ETF verdicts Ethereum spot in the US market, a group of US lawmakers from both political parties sent a letter addressed to the president of the Securities and Exchange Commission (SEC)Gary Gensler, where they asked him to approve the arrival of these funds to the US stock market.

They ask Gensler to approve ETFs Ethereum

The group of legislators led by Tom Emmer, and composed of French Hill, Josh Gottheimer, Wiley Nickel and Mike Flood, invited Gensler to give fair treatment to ETFs Ethereum cash proposed by various administrators, and ensure that this is evaluated under the same conditions that led to the approval of the funds based on Bitcoin at the beginning of the year.

Lawmakers argued that with the advent of ETFs Bitcoin In January 2024, the SEC enabled a safe and highly regulated mechanism so that American investors could participate in the market of the main digital currency, guaranteeing the due protections and care that a product of this type requires.

“The approval of the Bitcoin ETFs demonstrated the Commission’s fidelity in its mission to protect investors while addressing the need to open the door to these new financial markets,” the lawmakers wrote, adding that the efforts of the SEC By acting against the market they will not mitigate fears about possible manipulations and violations, since this can only be achieved with transparency and due reports from administrators, thus allowing investors to participate with all the necessary information.

Regarding ETFs Ethereum in cash, it reads:

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 also affirm the legal reasoning that facilitated the Bitcoin ETF decision.

Countdown to first verdicts

The legislators’ request comes to fruition with very little left until the deadline for the first verdicts expires, since today the SEC is obliged to give an official response to the first applicants.

First in line are BlackRock, Fidelity and Ark Invest, those who are waiting for the official response after two previous postponements, just as happened with the ETFs Bitcoin. Days ago, the SEC asked all applicants to submit certain forms to adjust the proposals, and recently held a meeting with representatives of these companies for the final registration documents.

In recent days, the bags and applicants submitted to the SEC forms 19b-4, with which they introduced certain changes for the negotiation of these products in the market. According to James Seyffart of Bloomberg, The modification made by everyone was to leave out the possibility of staking with the funds’ assets.

And last but not least, yesterday the Congress held a historic vote in which they approved a first regulatory framework applicable to cryptocurrencies, better known as the Law FIT21. Among the central axes of the project, it proposes granting more power to the Commodity Futures Trading Commission (CFTC) to oversee cryptocurrency spot markets and “digital commodities”, delimiting what could or could not fall under the jurisdiction of the SEC.

While the countdown continues for the first verdicts, the price of Ethereum It stands at about USD $3,786 per unit, with a slight increase of 1% in the last 24 hours.

Article by Angel Di Matteo / DailyBitcoin

Picture of DiarioBitcoin, under free use license

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