The cryptocurrency market is eagerly awaiting the decision of the US Securities and Exchange Commission (SEC) on whether to approve Ethereum exchange-traded funds (ETFs). Today, May 23, is the deadline for the SEC to make its decision. Recent data from cryptocurrency analysis platform IntoTheBlock shows that Ethereum whales, or large holders of the cryptocurrency, have become active again, with transactions reaching a peak on May 21. This indicates that whales are accumulating more Ethereum rather than selling. The current price of Ethereum is $3,851.94, up 2.2% in the last 24 hours and 25.9% in the last seven days.
In a letter to the SEC, a bipartisan group of US lawmakers, including representatives from both political parties, has urged the regulator to consider approving spot Ethereum ETFs. The lawmakers argue that the recent approval of spot Bitcoin ETFs by the SEC in January sets a precedent and approving Ethereum ETFs would be a logical step forward. They believe it would demonstrate consistency in the SEC’s application of its standards and reaffirm the legal reasoning that facilitated the approval of spot Bitcoin ETFs.
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