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US lawmakers are imploring the SEC to approve ethereum spot ETFs.
In anticipation of an upcoming decision on an ethereum spot ETF, a bipartisan group of House lawmakers, including Majority Leader Tom Emmer and New Jersey Democrat Josh Gottheimer, sent a letter to SEC Chairman Gary Gensler, urging the commission to approve ethereum and other spot ETFs. digital resources. This would provide investors with regulated, transparent and secure access to cryptocurrencies.
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“We urge the commission to maintain a consistent and equitable approach when reviewing upcoming applications for other digital asset-backed ETPs,” the letter said.
Legislative impact and Solana ETF
Recent legislative measures, such as the passage of the Financial Innovation and technology for the 21st Century Act (FIT21), could speed up the ETF approval process. Despite Gensler's public opposition to FIT21, legislative momentum indicates growing support for regulated digital asset investment products.
The lawmakers' letter also mentions “other digital assets” along with Etherehum, suggesting the possibility of other cryptocurrencies applying for spot ETFs.
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Some analysts believe that Solana (SOL) could be next in line for an ETF if the ethereum one is approved. A Solana spot ETF would likely attract substantial demand, second only to bitcoin (btc) and ethereum (eth).
Earlier this year, a bitcoin ETF increased attention and investment for an ethereum spot ETF.
Spotting the implications of the ethereum ETF
The impending ethereum ETF spot decision has created a stir in the crypto community. Some analysts project that the approval of an ETF would increase the price of eth by 60%, per QCP capital.
Key players such as BlackRock Inc. and five other issuers (Fidelity, VanEck, Invesco/Galaxy, Ark Invest and Franklin Templeton) have recently amended their ETF filings with the Securities and Exchange Commission (SEC) in anticipation of ETF approval.
If an ethereum spot ETF is denied, it could lead to lawsuits, mirroring the backlash following initial rejections of bitcoin spot ETFs.
The SEC's decision is expected to be announced around 4:00 pm EST on Thursday.
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