Chair

Gary

The regulatory field for the digital assets market is evolving rapidly. In the latest development, a bipartisan group of House lawmakers has called on Securities and Exchange Commission (SEC) Chair Gary Gensler to approve spot Ethereum <a href="https://news.todayq.com/will-solana-get-its-etf-regulatory-challenges-pose-major-hurdles/" rel="noopener noreferrer nofollow">exchange-traded funds</a> (ETFs). This comes in when the commission is closing into a crucial decision deadline. Letter for ETH ETF 
In a letter sent by the lawmakers highlighted the need for the SEC to use the same principles that it used at the time when it approved spot Bitcoin (BTC) ETFs.
House Majority Whip Tom Emmer (R-MN), along with Representatives French Hill (R-AR), Josh Gottheimer (D-NJ), Mike Flood (R-NE), and Wiley Nickel (D-NC) in the letter argued that approving ETH ETFs would demonstrate consistency in the Commission’s application of its standards.
The lawmakers stated that “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.”
This comes in when the SEC is facing a Thursday deadline to make a decision on the VanEck Ethereum ETF. This would be the first among several who proposed spot Ethereum ETFs.
However, the exchanges have recently filed updated 19b-4 forms in anticipation of the SEC’s decision. It is important to note that the approval of 11 spot Bitcoin ETFs in January has already brought billions of dollars into the market. Bitcoin up 
Bitcoin price is up by 61% on the year to date (YTD) basis. BTC is trading at an average price of $68,110, at the press time. Its price has dropped by around 3% in the last 24 hours. Its 24 hour trading volume is up by 7% to stand at $36 billion.
Meanwhile, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act in a bipartisan 279-136 vote on Wednesday. This Republican-sponsored bill aims to create a new legal framework for digital currencies, providing much-needed regulatory clarity to promote the industry’s growth. However, it remains uncertain if the Senate will consider the measure.
SEC Chair Gary Gensler has expressed concerns about the bill, stating that it could create new regulatory gaps and undermine established oversight of investment contracts, posing high risks to investors and capital markets.

SEC under pressure, Bipartisan group demands ETH ETF approval

Todayq News

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