Ethereum

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In a recent development, Eric Balchunas highlighted bipartisan efforts by a group of House lawmakers, which notably includes Majority Whip Tom Emmer and NJ Democrat Josh Gottheimer. Their collective action took the form of a letter addressed to <a href="https://coingape.com/tag/gary-gensler/" rel="noopener noreferrer nofollow">Gary Gensler</a>, Chairman of the Securities and Exchange Commission (SEC), urging the regulatory body to approve spot Ether ETFs, alongside ‘other’ digital assets.
The lawmakers’ argument hinges on the assertion that such ETFs offer investors a regulated, transparent, and secure avenue for accessing <a href="https://coingape.com/glossary/cryptocurrency/" rel="noopener noreferrer nofollow">cryptocurrencies</a>. By advocating for approval, they seek to provide investors with a means to participate in the crypto market within a framework that ensures adherence to regulatory standards and safeguards against potential risks.
<h2 id="support-for-approval-of-digital-asset-etfs">Support for Approval of Digital Asset ETFs</h2>
Central to the lawmakers’ advocacy is the recognition of the approval of spot Bitcoin exchange-traded products (ETP) as a significant milestone for both digital assets and financial markets. They commend the SEC’s acknowledgment of Bitcoin ETPs as a positive stride toward furnishing investors with regulated and transparent investment options.
In their letter, the lawmakers express confidence in the <a href="https://coingape.com/tag/securities-and-exchange-commission/" rel="noopener noreferrer nofollow">SEC’s</a> ability to uphold investor protection through rigorous market surveillance and enforcement of securities laws. They portrayed the importance of maintaining consistency and equity in the review process for forthcoming applications related to other digital asset-backed ETPs.
<img decoding="async" class="aligncenter size-full wp-image-198383" src="https://coingape.com/wp-content/uploads/2024/05/IMG_9550.jpeg" alt="" width="1122" height="1027" srcset="https://coingape.com/wp-content/uploads/2024/05/IMG_9550.jpeg 1122w, https://coingape.com/wp-content/uploads/2024/05/IMG_9550-300x275.jpeg 300w, https://coingape.com/wp-content/uploads/2024/05/IMG_9550-768x703.jpeg 768w, https://coingape.com/wp-content/uploads/2024/05/IMG_9550-150x137.jpeg 150w" sizes="(max-width: 1122px) 100vw, 1122px">
By urging the SEC to apply the same principles used in approving Bitcoin ETPs to pending Ether ETP applications, they advocate for a fair and standardized approach that ensures regulatory clarity and investor confidence in the evolving landscape of digital asset investments.
Also Read: <a href="https://coingape.com/trending/what-is-the-fit21-crypto-bill-key-insight-more/" rel="noopener noreferrer nofollow">What is the FIT21 Crypto Bill? Key&nbsp;Insight &amp; More</a>
<h2 id="sec-initiates-conversations-on-ethereum-etfs">SEC Initiates Conversations on Ethereum ETFs</h2>
Recent reports from anonymous sources shed light on the SEC’s initiation of discussions on <a href="https://coingape.com/us-sec-begins-talks-ethereum-etf-s-1-registration-report/" rel="noopener noreferrer nofollow">S-1 registration</a> statements with potential Ethereum ETF issuers. Despite the cautious optimism surrounding these developments, insights from a senior member at one issuer suggest that the Division of Investment Management may have encountered some degree of unpreparedness for this shift. However, amidst these challenges, there remains an expectation of continued progress toward the approval of an Ethereum ETF.
To navigate the regulatory landscape, the SEC must first approve the 19b-4 forms, akin to the comprehensive order issued for <a href="https://coingape.com/tag/bitcoin-etf/" rel="noopener noreferrer nofollow">Bitcoin ETFs</a>. Subsequently, the S-1 registration statements must be deemed effective before trading can commence. Notably, Eric Balchunas draws attention to the lawmakers’ mention of “other digital assets” beyond Ether, hinting at the potential for a broader spectrum of ETF offerings that could test the regulatory boundaries set forth by the SEC, akin to developments observed in the European market.
This nuanced exploration shows the complexities and implications of the ongoing discourse surrounding the approval of digital asset ETFs, offering readers a deeper understanding of the multifaceted considerations at play.
Also Read: <a href="https://coingape.com/toncoin-price-soars-3-amid-telegram-new-currency-announcement-heres-all/" rel="noopener noreferrer nofollow">Toncoin Price Soars 3% Amid Telegram’s New Currency Announcement, Here’s All</a>
The post <a href="https://coingape.com/us-lawmakers-urge-sec-chair-to-approve-ethereum-etfs/" rel="noopener noreferrer nofollow">US Lawmakers Urge SEC Chair To Approve Ethereum ETFs</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

US Lawmakers Urge SEC Chair To Approve Ethereum ETFs

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