US senators have undoubtedly encouraged the Securities and Exchange Commission (SEC) to authorize Spot Ethereum ETFs, which is undoubtedly a significant move in the current clearance process. Indeed, a letter from the US Congress has urged the agency’s chair, Gary Gensler, to approve the investment offering.
Lawmakers ask for consistency in the agency’s digital asset exchange-traded product approval approach. Specifically, they have requested that Gensler “apply the same principles outlined in the approval of Spot Bitcoin ETFs” to the Ethereum-based investment vehicle.
US Lawmakers Want SEC to Approve Spot Ethereum ETFs
Over the last few days, the likelihood of spot Ethereum ETF approval in the United States has skyrocketed. The approval odds at the beginning of the month did not indicate forthcoming issuances. However, everything changed this week when Bloomberg raised the approval rate from 25% to 75%.
Now, a letter from US politicians has emerged urging the SEC and its chairman, Gary Gensler, to authorize spot Ethereum ETFs. The letter expresses a need for consistency. They requested that the agency approach an Ethereum ETF in the same way that it approached Bitcoin ETF proposals.
The Spot Bitcoin ETF was approved in January of this year. Furthermore, its arrival had a significant impact on the total value of the digital asset. Only three months after the investment offering was approved, the asset reached an all-time high of $73,000.
The MPs’ letter stated that the adoption marked “a pivotal moment for both digital assets and our financial markets.” In contrast, some believe Ethereum will follow Bitcoin’s path after its certification.
According to CoinMarketCap, the asset has gained by about 7% in the last 24 hours and is already approaching $4,000 in value. Furthermore, there are predictions that a spot ETH acceptance could propel the asset to new heights in the coming weeks.