Representative French Hill, a member of Congress, and other legislators wrote a letter to SEC Chair Gary Gensler pleading to approve the applications for Ether Exchange-Traded Products (ETPs) that are currently pending.
Hill co-wrote a with several Congressmen, including Wiley Nickel, Josh Gottheimer, Mike Flood, and Tom Emmer. The letter says, “We urge the Commission to maintain a consistent and equitable approach when reviewing upcoming applications for other digital asset-backed ETPs.
They have taken this position in response to the recent approval of spot Bitcoin ETPs, which was a big step forward for financial markets and digital assets. They contend that Bitcoin ETPs give investors access to Bitcoin exposure through a transparent, regulated investment channel.
They assure Gensler that the SEC’s approval of Bitcoin ETPs showcases commitment to investor protection and adaptability to modern financial markets. They trust SEC to safeguard investors through market surveillance and enforcement of securities laws, crucial in preventing illegal activities like market manipulation.
Legislators emphasize that future digital asset-supported ETP applications must be evaluated according to uniform standards.
They said, “The Commission should apply the same principles set forth in the approval of the spot Bitcoin ETPs as it evaluates the pending Ether ETP applications as the legal considerations pertinent to Bitcoin also apply to Ether.”
Overall, the letter underscores lawmakers’ backing for regulated, transparent digital asset investments, urging the SEC to maintain investor security as a top priority amidst financial sector transformations.
Also Read: WisdomTree’s Bitcoin and Ethereum ETPs Gain FCA Approval
