Exciting News: SEC Approves Ether Spot ETFs for National Securities Exchanges 🚀
The U.S. Securities and Exchange Commission (SEC) has given the green light for Ether spot ETFs to trade on national securities exchanges, marking a significant milestone for the crypto industry.
Ether ETFs Are Coming Soon
Following the successful launch of Bitcoin spot ETFs in January, Ether spot ETFs have now received approval from the SEC. However, unlike Bitcoin ETFs that launched immediately after approval, there are still some steps to be completed before the Ether ETFs hit the market:
- Approval has been granted for multiple issuers’ 19b-4 application forms
- The S-1 registration statements for the products still need to go effective before the official launch
Experts suggest that there could be a delay of days, weeks, or even months before the Ether ETFs are finally launched.
Bloomberg ETF analyst James Seyffart mentioned in a tweet that there will be a waiting period between approval and the actual launch of Ether spot ETFs.
Prior to this development, the likelihood of ETFs being approved was only at 25%, but the recent engagement of the SEC with issuers on this matter increased the odds to 75%.
With the anticipation of the Ether ETF approval, the price of ETH has surged by 28% this week, reflecting the market’s optimism and demand for such investment products.
Since the launch of Bitcoin ETFs, these funds have seen massive inflows, with $13.3 billion entering the market, setting performance records at launch time.
A recent Twitter poll by Bitwise CIO Matt Hougan indicated that many investors who have already purchased Bitcoin spot ETFs are also interested in buying Ether spot ETFs.
Shift in Crypto Stance by SEC and Democrats
The rapid change in the SEC’s stance towards crypto follows a series of pro-crypto policy decisions in the US Congress, highlighting a shift in attitudes towards digital assets:
- Last week, the Senate passed a resolution to repeal Staff Accounting Bulletin 121, making it more feasible for regulated banks to provide crypto custody services
- The House approved the Financial Innovation and Technology for the 21st Century Act (FIT21), offering legal clarity for the crypto industry. The bill received bipartisan support, with Republicans and 71 Democrats backing the legislation
These recent policy changes indicate a growing acceptance and recognition of the importance of cryptocurrencies and blockchain technology in the traditional financial sector.
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