As an analyst with a background in finance and experience following the regulatory landscape of the crypto industry, I’m thrilled to see the U.S. Securities and Exchange Commission (SEC) approve Ether spot exchange-traded funds (ETFs). This is a significant step forward for the crypto industry, coming just months after the approval of Bitcoin ETFs in January.
The SEC has given its approval for Ether spot exchange-traded funds (ETFs) to be listed and traded on U.S. stock exchanges.
On Thursday, the Securities and Exchange Commission (SEC) approved multiple applications related to cryptocurrency product listings under Rule 19b-4. This unexpected development came shortly after the SEC initiated swift interactions with issuers regarding this issue, marking a surprising positive shift for the crypto industry.
Ether ETFs Are On The Way
After the SEC’s approval in January, Bitcoin spot ETFs became available. This decision came just one day after the SEC gave its consent, ending a lengthy legal struggle between the agency and those seeking to introduce these funds.
While Ether Exchange-Traded Funds (ETFs) have received approval from exchanges following today’s decision, their official registration with the Securities and Exchange Commission (SEC) is yet to be completed. Experts believe this process may take some time before the ETFs can be launched.
As a crypto investor, I’ve come to understand that the process of getting Ether spot ETFs approved and launched isn’t an overnight affair. According to James Seyffart, Bloomberg ETF analyst, we can expect a minimum waiting period of days, but more realistically, it could last for weeks or even months.
Before this week, Seyffart and his colleague Eric Balchunas estimated that there was a 25% chance of exchange-traded funds (ETFs) being approved. However, after learning about the SEC’s unexpected involvement with ETF issuers on the issue, they raised their prediction to a 75% probability.
This week, ETH has surged by 28 percent due to heightened anticipation surrounding potential approval. The possibility of an ETF being introduced for the second largest crypto could generate significant interest, as evidenced by the impressive $13.3 billion in net inflows Bitcoin ETFs have already attracted since their launch – a record-breaking achievement for every ETF in history.
Thursdays saw a Twitter poll conducted by Bitwise CIO Matt Hougan, revealing that numerous investors who have previously purchased Bitcoin spot ETFs are open to investing in Ether ETFs as well.
SEC, Democrats Change Crypto Stance
This month, there have been several key votes on pro-crypto policies in the US Congress, leading to a quick shift in positions for many Democrats who previously aligned with their party’s anti-crypto stance.
As a crypto investor, I’m excited about last week’s Senate resolution to repeal Staff Accounting Bulletin 121. This means that regulated banks will now find it more financially viable to provide crypto custody services. In simpler terms, this regulatory change could lead to more institutions entering the crypto space and offering secure storage solutions for digital assets.
On Wednesday, the House approved the Financial Innovation and Technology for the 21st Century Act (FIT21), providing long-awaited legal certainty for cryptocurrencies. The bill garnered the approval of every Republican and 71 Democrats.
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2024-05-24 00:19