SEC Approves Spot Ether ETFs
The U.S. Securities and Exchange Commission (SEC) has approved several spot Ether ETFs. This decision follows speculation that the SEC might treat ETH as a security.
The SEC approved filings from VanEck, BlackRock, Fidelity, Grayscale, Franklin Templeton, ARK 21Shares, Invesco Galaxy, and Bitwise. These firms can now list and trade their spot Ether ETFs on respective exchanges. However, they still need SEC approval of their S-1 registration statements to begin trading.
Notably, the SEC did not approve Hashdex’s spot Ether ETF, with a final deadline set for May 30. It remains unclear if Hashdex’s ETF will eventually gain approval.
This approval came a day after the U.S. House of Representatives passed legislation aiming to clarify regulatory roles in the cryptocurrency industry. This act still needs Senate approval and the President’s signature to become law.
The decision arrived four and a half months after the SEC approved spot Bitcoin ETFs. Following the announcement, ETH’s price briefly rose to over $3,900 before settling around $3,759.
Landmark Approval for Spot Ethereum ETFs
The SEC has approved spot Ethereum ETFs, marking a significant shift for institutional investors. This approval comes just five months after similar approval for spot Bitcoin ETFs.
The SEC’s official filing was briefly published and then taken down, possibly due to an early leak, but it has since been republished. Issuers must now wait for their individual filings to be approved before trading can begin. This process could take weeks or months.
Bloomberg had raised the approval odds from 25% to 75% in mid-May, increasing market anticipation. The approved ETFs now include those from VanEck, ARK21 Shares, Invesco Galaxy, Franklin Templeton, Fidelity, and BlackRock, with VanEck facing the most immediate deadline.
The market is closely watching the potential impact of this approval. Bitcoin ETFs led to an all-time high for Bitcoin within three months. Experts predict similar outcomes for Ethereum, with ETH’s value rising nearly 30% over the last week.
The post SEC Approves Spot Ether ETFs appeared first on BitcoinWorld.
