Ethereum spot ETFs approved by SEC !!

    The US Securities and Exchange Commission has approved the faster launch of spot Ethereum ETFs, according to a document posted on the agency’s website.

    The SEC filings identify eight Ethereum ETFs proposed for listing on Nasdaq, NYSE Arca, and Cboe BZX Exchanges, including VanEck, Fidelity, Franklin, Grayscale, Bitwise, ARK Invest & 21Shares, Invesco & Galaxy, and BlackRock’s iShares Ethereum Trust.

    Ethereum ETFs must finalize S-1 registration statements, a form required by the SEC for ETFs to list securities, as well as create exchange arrangements through numerous rounds of SEC communication. This process can take weeks.

    The move is likely to bring a significant rush of institutional capital into the Ethereum market, with Standard Chartered’s Head of Digital Assets Research Geoff Kendrick forecasting inflows of $15 to $45 billion in the first year.

    To address SEC concerns, potential spot ETH ETF issuers like as Fidelity, Franklin Templeton, Ark, Invesco, Grayscale, Bitwise, and VanEck have revised their forms to indicate that they will not stake Ethereum for yield.

    Earlier this week, Bloomberg analysts Eric Balchunas and James Seyffart raised the chances of a spot Ethereum ETF getting authorized this month from 25% to 75.

    The approval of Ethereum ETFs and the passage of the FIT21 crypto bill indicate a shift in the Biden Administration’s stance on cryptocurrency, following former President Trump’s promise to assist the industry and foster a business-friendly atmosphere in the United States.

    The approval comes just five months after the SEC approved 11 spot Bitcoin ETFs, indicating a dramatic shift in the regulatory landscape for cryptocurrency in the United States.

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