In what is certainly a notable development for the ongoing approval process, US lawmakers have urged the US Securities and Exchange Commission (SEC) to Discover Ethereum ETFs. A letter from the United States Congress has called on the agency's chairman, Gary Gensler, to approve the investment offer.
Lawmakers are calling for consistency in the agency's approach to approving exchange-traded digital assets. Specifically, they have insisted that Gensler “apply the same principles set forth in approving Spot Bitcoin ETFs” to the Ethereum-based investment vehicle.
Also read: BlackRock Files has updated the 19b-4 form for Spot Ethereum ETF
US lawmakers issue letter urging SEC to approve ETH ETF
In recent days, the prospect of approval of Ethereum ETFs in the United States has increased dramatically. The approval odds at the beginning of the month were not indicative of upcoming emissions. However, that changed this week Bloomberg increased approval chances from 25% to 75%.
Now, a letter from US lawmakers has surfaced, urging the SEC and its chairman, Gary Gensler, to approve spot Ethereum ETFs. Specifically, the letter is clear about his desire for consistency. Through that methodology, they asked the agency to approach an Ethereum ETF, the same way they did their Bitcoin ETF applications.
Also read: Top 3 Cryptocurrencies to Buy for 5x Gains Pending Ethereum ETF Approval
Spot Bitcoin ETF approval was granted in January this year. Moreover, its arrival had enormous consequences for the total value of digital assets. Just three months after the investment offer was greenlit, the asset reached an all-time high of $73,000.
According to the letter from lawmakers, that approval represented “a pivotal moment for both digital assets and our financial markets.” Conversely, there is a belief that Ethereum could follow Bitcoin's trajectory after its adoption.
In the last 24 hours alone, holdings are up nearly 7% and are approaching the $4,000 mark, according to CoinMarketCap. Additionally, there are expectations that a spot ETH approval could catapult the asset to new heights in the coming weeks.