A bipartisan group of US lawmakers advised the Securities and Exchange Commission (SEC) in a May 22 letter to approve spot Ethereum exchange-traded funds (ETFs).The letter signatories included Financial Committee Vice Chairman Rep. French Hill, House Majority Whip Tom Emmer, and Representatives Josh Gottheimer, Mike Flood, and Wiley Nickel.In the letter addressed to SEC Chair Gary Gensler, the lawmakers urged the regulator to apply the same principles it used for spot Bitcoin ETFs to Ethereum ETF applications. They argued that this would demonstrate regulatory consistency.The letter noted that the launch of Bitcoin ETPs provided a regulated and transparent investment vehicle for American investors. It also highlighted the SEC’s commitment to investor protection and acceptance of modern financial markets — arguing that approving an Ethereum ETF would reinforce this commitment.The lawmakers added:“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 would also affirm the legal reasoning that facilitated the spot Bitcoin ETPs decision.”The legislators also stated that the SEC’s market surveillance and enforcement measures would mitigate concerns about market manipulation and that transparency and reporting requirements would enable investors to make informed decisions.The support for Ethereum ETFs comes amid a shifting regulatory landscape for crypto in the US. Recently, the industry has been at the center of conversations and debates, leading to the passage of bills to create regulatory clarity for the emerging industry.The SEC Chair hinted that a decision on the pending ETH ETF applications is imminent, advising market observers to “stay tuned.”Several industry experts anticipate the approval of these financial instruments later today, on May 23.After weeks of minimal engagement, the SEC recently asked exchanges supporting the ETF applications to refile their 19b-4 forms with standardized language. Additionally, the SEC seems to be engaging directly with potential issuers, as companies like Grayscale have filed updated S-1 forms this week.Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting. Follow us on X for instant crypto news and insights updates.Courts dismissed the case without prejudice, leaving Musk an option to refile the case at a later date.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.Rob Marrocco believes crypto ETFs beyond Bitcoin and Ethereum are unlikely without first establishing a futures market or changing regulation.Ripple said Standard Custody CEO Jack McDonald would help the firm achieve its USD-backed stablecoin plans.The S-1 filing follows the SEC’s approval of NYSE Arca’s proposed rule change on behalf of ProShares.All spot ETH ETFs have yet to launch despite recent developments.ICBC compared Bitcoin to gold and said Ethereum has established itself as “digital oil” capable of powering myriad applications across the web3 ecosystem.DeFillama data shows the platform’s TVL rose 135% despite the attack.CryptoSlate’s latest market report dives deep into the effects corporate Bitcoin purchases have on the market.Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
