U.S. House members have appealed to Securities and Exchange Commission Chair Gary Gensler to sanction spot Ethereum exchange-traded funds (ETFs).
The SEC’s decision on the VanEck Ethereum ETF proposal, due today, could influence the cryptocurrency market’s trajectory.
The lawmakers’ request follows the SEC’s earlier approval of Bitcoin ETFs, setting a precedent for Ethereum, the world’s second-leading cryptocurrency in market capitalization.
The group of lawmakers called for the agency to apply the same legal framework to Ethereum as was used for Bitcoin ETFs.
Earlier this week, Bloomberg analysts Eric Balchunas and James Seyffart revised their approval probability from 25% to 75%, citing a rise in discussions about expedited 19b-4 filings, a critical step for ETF launches.
Ether traded as high as US$3,937 ahead of the SEC’s decision on Thursday, according to CoinGecko data.