In a bipartisan effort, a group of House lawmakers has urged Securities and Exchange Commission (SEC) Chair Gary Gensler to approve spot Ethereum Exchange-Traded Funds (ETFs) ahead of a looming deadline. The agency faces a crucial decision point on Thursday, prompting lawmakers to advocate for swift action.

House Majority Whip Tom Emmer, alongside Representatives French Hill, Josh Gottheimer, Mike Flood, and Wiley Nickel, emphasized the need for consistency in the SEC's approach, particularly in light of its previous approval of spot Bitcoin ETFs earlier this year. The lawmakers stressed that applying similar principles to Ethereum ETFs would not only maintain regulatory consistency but also affirm the legal reasoning underlying the approval of spot Bitcoin ETFs.

"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 stated in a letter addressed to Gensler.

The SEC's upcoming decision pertains specifically to the VanEck Ethereum ETF, which marks the first deadline among several proposed spot Ethereum ETFs, including offerings from industry giants like BlackRock and Fidelity. As the deadline approaches, exchanges have submitted updated 19b-4 forms, reflecting the anticipation within the crypto industry for the SEC's ruling.

The significance of the SEC's decision is underscored by the agency's approval of 11 spot Bitcoin ETFs in January, which have since attracted substantial investment, totaling billions of dollars. The lawmakers' advocacy for Ethereum ETF approval reflects broader industry sentiment and underscores the potential for Ethereum ETFs to replicate the success of their Bitcoin counterparts.

As regulatory uncertainty looms, stakeholders eagerly await the SEC's decision, which could have far-reaching implications for the cryptocurrency market. With Ethereum ETFs poised to unlock new avenues for investment and liquidity, lawmakers are urging regulatory action to support innovation and provide investors with additional avenues for exposure to digital assets.