Lawmakers press SEC Chair Gensler to approve spot Ethereum ETFs

A group of bipartisan House lawmakers urged Securities and Exchange Commission Gary Gensler to approve spot Ethereum ETH +4.05% ETFs as the agency faces a deadline on Thursday to make a decision. 

The agency should apply the same "principles" as it did when spot Bitcoin ETFs were approved earlier this year, said House Majority Whip Tom Emmer, R-Minn.., Reps. French Hill, R-Ark., Josh Gottheimer, D-N.J., Mike Flood, R-Neb., and Wiley Nickel, D-N.C. in a letter sent to Gensler on Wednesday. 

"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," the lawmakers said. 

The SEC faces a deadline on Thursday to decide when to approve or deny the VanEck Ethereum ETF — which is the first deadline among a slew of other proposed spot Ethereum ETFs including from BlackRock and Fidelity. 

Exchanges have filed updated 19b-4 forms over the last few days as the crypto industry awaits what the SEC decides to do next. 

The agency approved 11 spot Bitcoin ETFs in January, which have so far brought in billions of dollars.