Keep it equal for Ethereum

If Bitcoin futures ETFs led to spot, then Ethereum futures ETFs should do the same, according to lawmakers

Author

Stacy Elliott
May 23, 2024

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📝 What you need to know

As this is being written, the industry is still waiting with bated breath for the Securities and Exchange Commission to make a decision on the VanEck Ethereum ETF application. (One analyst thinks we might not hear anything until 4 p.m. EST.) But a handful of lawmakers were not content to rest on their laurels.

In an open letter to SEC Chair Gary Gensler, Reps. Tom Emmer (R-MN), Mike Flood (R-NE), Josh Gottheimer (D-NJ), and Wiley Nickel (D-NC) argued that because ETH futures ETFs have already been approved, the SEC already has the precedent it needs to approve spot Ethereum ETFs to trade.

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💬 Quote of the Day

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“With the Commission’s actions earlier this year, it seems a natural progression that would not only demonstrate consistency in the [SEC’s] application of its standards but would also affirm the legal reasoning that facilitated the spot Bitcoin ETPs decision,” read a bipartisan letter shared by Rep. French Hill (R-AR) on Thursday.

- Bipartisan letter to Gary Gensler

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