Politico reports that a bipartisan group of U.S. lawmakers has sent a letter to the SEC asking it to approve Ethereum spot exchange-traded funds (ETFs). The group consists of 5 members of the House Financial Services Committee, 2 Republicans and 3 Democrats, and is led by Rep. French Hill.
The letter mentions the approval of the bitcoin-Etf spot on May 1 and claims it is a "pivotal moment for both #digital assets and our financial markets. ""
Given the commission's actions earlier this year, the event will not only demonstrate consistency in the application of the commission's standards, but also reaffirm the legal reasoning that contributed to the emergence of #bitcoin spot ETPs.
In addition, he urged regulators to take a "consistent and fair approach when considering future applications" and U. S. lawmakers have used "Etp backed by other digital assets" instead of focusing on issuing #MemeWatch2024 #Etf .
Bloomberg ETF analyst Eric Balchunas pointed out this choice of words in the X post, adding that it could be an indication that there will be more Etf applications related to other cryptocurrencies.
It will be interesting to see how far and how fast the ETF industry pushes the boundaries (it works). I wouldn't be surprised if they take advantage of SEC vulnerabilities to file applications for all kinds of coins (like in Europe) to test the limits. "
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