BREAKING: SEC Officially Approved Spot Ethereum ETFs
After a long wait, the US Securities and Exchange Commission (SEC) finally gave the green light to spot Ethereum ETFs for the american markets.
The SEC has announced the expedited approval of spot Ethereum ETFs.
@EricBalchunas and I cant see it on the front facing website yet but Phoenix is always right in my experience. https://t.co/xI37RVXqRo
— James Seyffart (@JSeyff) May 23, 2024
Launching these ETFs will involve several weeks of finalizing required S-1 registration forms and establishing exchange agreements through ongoing discussions with the SEC.
This development is expected to attract a large influx of institutional funds into Ethereum. Geoff Kendrick from Standard Chartered predicts that this could bring in between $15 billion and $45 billion within the first year.
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To address the SEC’s stipulations, companies like Fidelity, Franklin Templeton, Ark, Invesco, Grayscale, Bitwise, and VanEck have updated their filings by removing the staking features.
The recent approval of Ethereum ETFs and the passage of the FIT21 crypto bill indicate a potential change in the Biden Administration’s approach to cryptocurrency, contrasting with former President Trump’s commitment to backing the industry and creating a business-friendly climate in the US.
This move marks a major advancement for the crypto market. With anticipated substantial institutional investments and a more favorable regulatory climate, Ethereum is on track for significant growth, heralding a new phase in cryptocurrency investment.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
